What can you do?
Make withdrawals for education expenses. Refer to your enrollment kit for full details on qualified expenses, which include:
- Tuition and fees
- Books, supplies, and equipment required for enrollment
- Room and board
- Special needs services
- $10,000 per year can be applied toward tuition expenses for elementary, middle, and high schools (private, public, or religious). Although the money may come from multiple 529 accounts, it will be aggregated on a per beneficiary basis, and any distribution amount in excess of $10,000 will be subject to income and a 10% federal penalty tax.
- Repayment of qualified student loans up to $10,000
- Certain apprenticeship programs
How can you learn more?
529 plan FAQs: paying for school
Find out more about using a 529 plan to pay for education expenses.
You have several ways to withdraw money (take a distribution) from your 529 plan account:
- Transfer money from your 529 plan online to another Fidelity account or to an outside bank account with our easy-to-use transfer tool. To use this service, log in to your account and select the transfer tool in the black navigation bar. Start a Transfer Log In Required
- Pay higher education expenses with Fidelity BillPay® for 529 accounts
- Download and print the College Investing Plan Distribution form (PDF)