Take a Distribution From Your 529 Plan Account

Get specifics on how to use your 529 plan savings to pay for qualified higher education expenses.

What can you do?

Make withdrawals for college 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

You can also take out money as a nonqualified withdrawal, but any earnings on such distributions are subject to federal income taxes as well as a 10% federal penalty tax.

How can you learn more?

529 plan FAQs: paying for college
Find out more about using a 529 plan to pay for higher education expenses.

You have several ways to withdraw money (take a distribution) from your 529 plan account:

  1. 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.
  2. Pay online with Fidelity BillPay® for 529 accounts lock_green
  3. Download and print the College Investing Plan Distribution form (PDF)

Watch a BillPay demo

Next step

View the Fidelity-managed 529 plans
Ready to open an account? Learn more about your options.

Open a custodial account (UGMA/UTMA)