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


Contact a College Planning Specialist at 800-544-1914

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