Managing your Edvest 529 account

Only the account owner may make a withdrawal. You can request a withdrawal by mail, by phone or from the Plan’s website. Withdrawals may be made individually or systematically. You can pay the institution, send it directly to the beneficiary or reimburse yourself. Be sure to keep all receipts to substantiate qualification.

Type of withdrawals:

• Qualified Withdrawals: These are untaxed and include any withdrawals that will be used to cover Qualified Higher Education Expenses for the student at an Eligible Educational Institution. The student must be enrolled for at least half-time for room and board expenses. Qualified higher education expenses also include tuition expenses of up to $10,000 per year per beneficiary in connection with enrollment and attendance at an elementary or secondary public, private or religious school, student loan repayment up to $10,000 per beneficiary and expenses for apprenticeships.¹
• Taxable Withdrawals: The earnings portion of this type of withdrawal is subject to federal and state tax but does not include the additional federal 10% tax. Say your child receives a full or partial scholarship or attends a military academy, you can withdraw certain amounts from your 529 account that will not be used for qualified higher education expenses, and those amounts will be subject to tax on the earnings portion of the withdrawal but will not be subject to the additional federal 10% tax.
• Non-Qualified Withdrawals: The earnings portion of this type of withdrawal will be subject to tax, including the additional 10% federal tax. Examples might include using the money for a car, vacation or home improvement. But even if you urgently need to pay a medical bill and withdraw money from your 529 plan as a last resort, that withdrawal would still be subject to tax, including the additional 10% federal tax.

Footnotes

1. ¹Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.
   
   In the event of a refund of amounts paid for qualified higher education expenses from an eligible educational institution, the refund may be redeposited to the 529 plan within 60 days without the amount being subject to tax. The recontributed amount cannot exceed the amount of the refund.↩

Are you getting ready to withdraw funds for the first time? If so, you’ll find you can make a withdrawal online or by mail. Here are a few other points to consider. Withdrawals fall into three categories: qualified, taxable and non-qualified. Only qualified withdrawals may be made without federal income tax or penalties.

What you’ll need for an online withdrawal

If you haven’t already set up an account to receive the funds, for either yourself or the beneficiary, you will need to update your account information with the following details:

• Checking or savings account number
• Bank routing number
• Name as it appears on the account
• Bank’s name

Without an active, up-to-date account, you may only receive the funds through a check. You’ll also need to wait eight days after the receipt of a contribution before you can withdraw the funds from your account.

Here's some other important things to consider:

• Change your mailing address, you won’t be able to make a withdrawal for 20 business days
• Change banking information, you won’t be able to make a withdrawal for 30 days
• Add a new bank account, you won’t be able to make a withdrawal for 30 days
• Transfer the account to a new owner, no withdrawals may be made for 30 days

Additional requirements may apply to requests of $100,000 or more.

How to do it online

1. Log in to your account online. Once you’ve logged in, you will go directly to the “Withdrawal” page.
2. Select the type of withdrawal:
   1. Qualified withdrawal
   2. Withdrawal for K-12 tuition expenses
   3. Withdrawal for Student Loan expenses
   4. Withdrawal for Apprenticeship expenses
   5. Non-qualified withdrawal
3. Select where the funds will be sent:
   1. Directly to the college or school – Select the state where the school is located and the school’s name, and if the funds should be sent via electronic payment or by check
      • If electronic payment: Verify or enter the mobile phone number to receive text updates, or opt-out of receiving text updates
      • If check: Select the delivery speed, enter the college name and address, and type the student ID in the check memo field
   2. Owner – Select bank account and certify, or if by check, select the delivery speed and complete the check memo
   3. Beneficiary – Select bank account and certify, or if by check, select the delivery speed and complete the check memo
4. For funds sent to the Owner or Beneficiary, select “Partial” or “Total” account balance withdrawal.
5. If you have more than one investment portfolio, select “Prorated Amount” or “By Specific Portfolio.”
6. Enter the withdrawal amount(s).
7. For funds sent directly to the college or school, enter the school’s required information.
8. Verify the withdrawal information is correct (type, delivery method, investment portfolios and amount).
9. Select “Submit” and you’re done.

What you’ll need to make a withdrawal by mail

A printed copy of the Withdrawal Request Form. If you wish to withdraw funds by Automated Clearing House (ACH) to an Account Owner’s bank account (already on file), you will need to provide the bank name and account number.

How to do it by mail

• Download and complete the Withdrawal Request Form.
• Be sure to verify your account owner and beneficiary information entered is correct.
• Select/enter the Withdrawal Details.
• Select the Delivery Method, if applicable.
• Select/enter the Amount of Withdrawal. For Partial Fund Specific, enter the Investment Portfolios you want to withdraw the funds from, and enter an amount or select Total Balance.
• Sign, date and mail the completed form and you’re done.

Where to mail forms

• Standard Delivery
  Edvest 529 College Savings Plan
  PO Box 219437
  Kansas City, MO 64121-9437
• Overnight Delivery Only
  Edvest 529 College Savings Plan
  1001 E 101st Terrace, Suite 200
  Kansas City, MO 64131

The Edvest 529 College Savings Plan cannot accept cash contributions, starter checks, traveler’s checks, money orders, credit cards, convenience checks and some other forms of payment.

You can make systematic (recurring) withdrawals to pay for your beneficiary’s qualified higher education expenses. If you establish a systematic withdrawal plan, you may change or cancel it at any time.

How to do it online

1. Log in to your account online and click on the desired account.
2. Click the “Manage Systematic Withdrawals” link.
3. Click the “Set Up a Systematic Withdrawal Plan” button.
4. Select the frequency, start date, stop date and withdrawal day.
5. Select where the funds will be sent:
   1. Account Owner: Select the bank account and certify, or if by check, complete the check memo
   2. Beneficiary: Select bank account and certify, or if by check, complete the check memo
   3. College or university: Enter the college name and address, then enter the student ID in the check memo field
6. Click “Next.”
7. Enter the systematic withdrawal amount.
8. Click “Next.”
9. Verify the systematic withdrawal information.
10. Submit and you’re done.

1. Contact your Roth IRA administrator to determine their ability and requirements to receive the rollover from a 529 plan.
2. Complete any required Roth IRA rollover form available from your Roth IRA administrator and submit as instructed.
3. Complete the Edvest 529 Rollover to Roth IRA form or call Edvest 529 at 1-888-338-3789 to ask that a form be mailed to you. Currently, a special 529 rollover to a Roth IRA cannot be completed electronically and must be done using paper forms.

Please note, the IRS is expected to issue additional guidance that may impact 529 plan account rollovers to Roth IRAs, including the conditions referenced under Am I eligible to rollover funds from my 529 plan account to a Roth IRA?

With Edvest 529, log in to view account statements and recent activity online at any time… or grab important documents such as tax reports. It’s all as simple as logging in.

How to do it

1. Log in to your account online.
2. Once you’ve logged in, you will go directly to the “Statements, Confirms & Tax Forms” page.
3. You can search by year, beneficiary and document type.
4. Click on a document link to view or print it.

Additional information

If you take a withdrawal from your Edvest 529 sometime during the tax season, you will likely receive a 1099Q for any withdrawals made the previous year. This tax document includes the total of all withdrawals you make during a given year and may be taxable depending on the withdrawal type.

When a withdrawal is:

Payable to the Account Participant (The Account Owner will be the tax responsible party who will receive the IRS Form 1099-Q).

Payable to the Designated Beneficiary (The Beneficiary will be the tax responsible party who will receive the IRS Form 1099-Q).

To an eligible college or university, or secondary public, private or religious school (The Beneficiary will be the tax responsible party who will receive the IRS Form 1099-Q).

An Indirect Rollover (The Account Owner will be the tax responsible party who will receive the IRS Form 1099-Q).

1099Q’s are sent to the responsible parties above dependent on delivery preference by January 31 of the year following that in which the withdrawal was done (e.g., if a withdrawal takes place in 2023, the 1099Q would be generated and be delivered on or before January 31, 2024).

At some point, you may find you want to transfer ownership of your account to another individual or entity eligible to be an Account Owner. You can make this transfer by submitting the appropriate Plan form. This in effect opens a new account for the beneficiary with the new owner. It’s important to note, depending upon who the new owner is in relation to the beneficiary, taking this action can have various tax implications.

What you’ll need

To complete this process, you do not need to change the beneficiary if you transfer account ownership, but you’ll need:

• Your Edvest 529 current account information
• The new owner’s name, SSN, address and contact information
• A printed copy of the Transfer Form.

How to do it by mail

1. Download and complete the Transfer Form.
2. Be sure to verify your account information is correct.
3. Include the new account owner’s information.
4. Select the investment portfolios you wish to transfer, including the amounts.
5. Mail the completed form.

Additional information

A transfer of the ownership of an account will be effective only if the assignment is irrevocable and transfers all rights, title and interest in the Account.

Where to mail forms

• Standard Delivery
  Edvest 529 College Savings Plan
  PO Box 219437
  Kansas City, MO 64121-9437
• Overnight Delivery Only
  Edvest 529 College Savings Plan
  1001 E 101st Terrace, Suite 200
  Kansas City, MO 64131

The Edvest 529 College Savings Plan cannot accept cash contributions, starter checks, traveler’s checks, money orders, credit cards, convenience checks and some other forms of payment.

Over the lifetime of your account, you’ll probably need to change contact information, bank instructions, notifications, password and security questions. With Edvest 529, you can do all of it in one place online or fill out and mail in the form.

How to do it online

1. Log in to your online account
2. On the Profile page you’ll find options for changing:
   1. Account Owner contact information and email address
   2. Bank information
   3. Payroll direct deposit
   4. Account notification preferences (mail or eDelivery)
   5. Password & security features
   6. Beneficiary contact information
   7. Successor owner
   8. Authorized agents/Interested parties/Trusted contacts
3. Enter your new information in the related fields and complete any additional instructions.
4. Submit all changes to complete your account updates.

Depending upon when you open your Edvest 529 account, you will likely have it for years, even decades. If you didn't add a successor account owner when your account was opened, you may want to designate one in the event of your death or change the existing successor owner as your life situation changes. For instance, say you’re a parent who put your child through school and now they’re starting a family of their own. If there are funds remaining, you may designate your child as the successor owner to use for their family.

What you’ll need

If adding or removing a successor account owner, you’ll need:

• The successor account owner's full name, date of birth and SSN
• A printed copy of the Profile Change Form (if updating by mail)

How to do it online

1. Log in to your online account.
2. On the Profile page click on “Successors.”
3. Enter your new information in the related fields and complete any additional instructions.
4. Submit all changes to complete your account updates.

How to do it by mail

1. Download and complete the Profile Change Form.
2. Be sure to verify your account information is correct.
3. Update the relevant owner, successor owner or beneficiary information.
4. If required, include a Medallion signature guarantee before submitting the form.
5. Mail the completed form.

Where to mail forms

• Standard Delivery
  Edvest 529 College Savings Plan
  PO Box 219437
  Kansas City, MO 64121-9437
• Overnight Delivery Only
  Edvest 529 College Savings Plan
  1001 E 101st Terrace, Suite 200
  Kansas City, MO 64131

The Edvest 529 College Savings Plan cannot accept cash contributions, starter checks, traveler’s checks, money orders, credit cards, convenience checks and some other forms of payment.

If you wish to add an Edvest 529 account for an additional beneficiary, it’s as simple and straightforward as opening your first account. You can complete the process online.

What you’ll need

Before adding a new account for a new beneficiary, you’ll need:

• The new beneficiary’s name, date of birth and SSN
• Their home address and contact info

How to do it online

1. Log in to your account then select the “Enroll” link.
2. Select the type of account (Individual or UGMA/UTMA).
3. Enter the new beneficiary’s info, including name, date of birth, SSN and address (if different from yours).
4. Select the preferred investment portfolios and funding choices.
5. Submit all changes to complete your account updates.

After opening an account, you may still designate a new beneficiary without penalty, so long as it’s an eligible family member of the former beneficiary.

What you’ll need

• Your Edvest 529 current account information
• The new beneficiary’s name, SSN, address and contact information
• A printed copy of the Transfer Form

How to do it by mail

1. Download and complete the Transfer Form.
2. Be sure to verify your account information is correct.
3. Include the new beneficiary’s full information.
4. Select the investment portfolios you wish to transfer, including the amounts.
5. Mail the completed form.

Where to mail forms

• Standard Delivery
  Edvest 529 College Savings Plan
  PO Box 219437
  Kansas City, MO 64121-9437
• Overnight Delivery Only
  Edvest 529 College Savings Plan
  1001 E 101st Terrace, Suite 200
  Kansas City, MO 64131

The Edvest 529 College Savings Plan cannot accept cash contributions, starter checks, traveler’s checks, credit cards, convenience checks and some other forms of payment.

While there are Enrollment Year Investment Portfolios that offer a simple, all-in-one portfolio, you may be using another investment choice or find you want to change investment portfolios anyway.

Twice per calendar year, you may opt to redistribute existing funds among your various investment portfolios. You can manage this online.

How to do it online

1. Log in to your account online, then select the account you’d like to update.
2. Select “Change Investment Portfolios” and then “Continue” in the “Exchange Now” section of your account profile.
3. Update the percentages for your new asset allocation according to your preferred investment portfolios.
4. Select if you would like to update your Allocations for Future Contributions to these new asset allocation percentages. Click “Next,” then verify the exchange information.
5. Submit all changes to complete your account updates.

Though you can only rebalance existing investments twice per year, you can direct new contributions to different investments by changing your allocations for future contributions any time.

How to do it online

1. Log in to your account online, then select the account you’d like to update.
2. Click “Change Investment Portfolios.”
3. Scroll down to “Your Current Investment Portfolios” to review your current allocations for future contributions.
4. Click “Continue” in the Allocations for Future Contributions section.
5. Enter New Instruction percentages for each investment portfolio you want to make future contributions to and click “Next.”
6. Verify your current and new allocations for future contributions information.
7. Submit all changes to complete your account updates.

You can exchange from one portfolio to other portfolio(s) on a recurring basis.

Setting up automatic dollar cost averaging online, or by using the Account Features Form, will count as one of your two allowed exchanges per calendar year.

How to do it online

1. Log in to your account online, then select the account you’d like to update.
2. Select “Change Investment Portfolios,” then click "Continue" in the "Automatic Dollar Cost Averaging" section.
3. Select your source portfolio, start date, run day, frequency and stop criteria.
4. Enter dollar amounts for your target portfolios.
5. Click “Next” and then verify the recurring exchange information.
6. Submit all changes to complete your account updates.