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Rollover Form - Alabama College Savings Plan

Rollover Form - Alabama College Savings Plan 2025

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The document is a Rollover Form for the CollegeCounts 529 Fund, designed to facilitate the transfer of funds from another 529 plan or Coverdell Education Savings Account (CESA) to the CollegeCounts account. It includes sections for providing personal and account information, rollover instructions, and a signature authorization. The form emphasizes the need for accurate information and may require a Medallion Signature Guarantee.

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Click ‘Get Form’ to open it in the editor.
Begin by selecting the type of rollover/transfer you are initiating: either from another 529 College Savings Plan or a Coverdell Education Savings Account (CESA).
Fill in your CollegeCounts 529 Fund Direct Plan Account Information, including your account number, legal name, beneficiary name, and the last four digits of the beneficiary’s Social Security Number.
Provide details about the account being rolled over. Include the 529 Plan name (if applicable), account number, and contact information for the current program manager or CESA custodian.
Indicate whether the beneficiary is the same as in Section 2 or different. If different, provide their name and your relationship to them.
Specify your rollover instructions: choose between full liquidation or partial liquidation and provide necessary details for each fund involved.
Sign and date the form to authorize the rollover. Ensure you understand any tax implications and that all information is accurate.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Are 529 rollovers tax deductible?

For California taxpayers, a rollover from a 529 plan account to a Roth IRA will be treated as a non-qualified withdrawal and the earnings portion of the withdrawal will be subject to California state income tax, including the additional 2.5% California tax.

How many times per year can 529 plan account holder move funds from one plan to another?

The account owner can roll over assets from one 529 plan into another 529 plan. If a rollover satisfies the following conditions, you will not incur any tax consequences: You are permitted only one rollover to another 529 plan per twelve-month period for the same beneficiary.

Is a college savings plan a 529?

Anyone of any age can use a 529 plan to save for education. In fact, you can be your own account beneficiary. If your chosen school is eligible, you can use 529 assets to pay for education expenses even if youre not attending full-time.

How do I rollover a 529 plan?

There are two ways you can roll over your 529 college savings plan. You can either fill out a rollover form for the new plan and let the plan administrators handle the transfer, or you can take a distribution from your existing account and deposit the money into the new plan as a rollover contribution.

What are the new 529 rollover rules?

The eligible rollover amount must have been in the 529 account for at least 5 years. The annual rollover limit is subject to Roth IRA annual contribution limits ($7,000 for 2024; $8,000 for individuals age 50 and older) There is a lifetime rollover limit of $35,000 for each 529 account beneficiary.

How many times can a 529 be rolled over?

529 plan owners are limited to just one tax-free rollover in a 12-month period.

How often may funds be rolled over from one states section 529 plan to others?

The account owner is permitted to roll over funds from one 529 savings plan account to another for the same beneficiary without adverse federal tax consequences, but no more frequently than once a year.

How many times may a 529 plan to plan rollover be made during a twelve month period?

The account owner on the College Investment Plan account must be the same as the account owner on the account that is being rolled over. IRS regulations allow only one rollover per beneficiary during a rolling 12-month period without tax implications.

Rollover Form - Alabama College Savings Plan 2025

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