Take money from my 529 account

Find out how to transfer money online from a 529 account.

What to know before transferring money

  • Withdrawing money for nonqualified expenses is allowed by the IRS but your withdrawal will be subject to federal income tax and a 10% federal penalty tax. There may also be state or local income tax, as well as interest or dividends tax.
  • You can transfer money between Fidelity accounts or to your bank account.
  • You can withdraw any amount up to the full value of the account.
  • After taking a withdrawal from your 529, you will be sent IRS form 1099-Q.
  • Learn more about withdrawals and paying for qualified expenses in our 529 plan FAQs.

How to transfer money online from a 529 account

What to expect

  • Your withdrawal will take 1–2 business days from the time of your withdrawal request because the investments must be sold and the trade must settle. Then the funds are transferred.
  • It can take 2–4 business days for the money to be available in the account you're transferring to.

Other options: Send money directly to a school or to someone else from your 529

  • Complete the 529 Standing Payment InstructionsLog In Required online form to set up payments to a third party via check or Electronic Funds Transfer (EFT).
  • Once your instructions are set up, you can send payments electronically on Fidelity.com and in the Fidelity Mobile App. You'll find your 529 recipients in the Other recipients section when making a transfer. You can also call a College Planning Specialist to make a payment at 800-544-1914.
  • You can also use Fidelity BillPay. Read How to set up and use BillPay on your account.
  • It can take 7–10 business days for the check to be received using either of these payment methods.


Call Us

Contact a College Planning Specialist at 800-544-1914

Please wait while Fidelity's Virtual Assistant loads.