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
- To transfer money to a bank account, add electronic funds transfer (EFT) to your 529 account. In most cases, you can link your bank account onlineLog In Required and start using it on the same day.
- You can start your transfer by clicking the button at the top of this page or here: Take a 529 withdrawalLog In Required.
- If you own multiple investment portfolios in your account, the amount of your withdrawal will be taken proportionally from each. To take a withdrawal from one portfolio when there are multiple, please use this form, Withdrawals – 529 College Savings Plan (PDF).
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
- Use the form Standing Payment Instructions—529 College Savings Plan (PDF) 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.
Contact a College Planning Specialist at 800-544-1914
Please wait while Fidelity's Virtual Assistant loads.
Virtual Assistant is Fidelity's automated natural language search engine to help you find information on the Fidelity.com site. As with any search engine, we ask that you not input personal or account information. Information that you input is not stored or reviewed for any purpose other than to provide search results and to help provide analytics to improve the search results. For account servicing requests, you may send our customer service team a secure, encrypted message once you have logged in to our website. Responses provided by the Virtual Assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. Fidelity does not guarantee accuracy of results or suitability of information provided.