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Frequently Asked Questions

Getting Started

Yes, this type of transfer is called a rollover. The account owner should first open an Invest529 account and then complete the Move Funds or Change Investment Portfolio process online, which authorizes Virginia529 to request the rollover from another 529 plan (also known as a qualified tuition program).

Funds may also be rolled over from Coverdell Education Savings accounts or Qualified U.S. Savings Bonds. See the Invest529 Program Description for more information.

Yes, but the unborn child cannot be the beneficiary of the account. The account owner must provide the name and Social Security number or individual Taxpayer Identification Number of the beneficiary at the time of application. This prevents parents from opening a 529 plan for a child before the baby is born.

However, an account owner can make themselves the beneficiary of the account and once the child is born and a Social Security number has been assigned to the child, the account owner can request to change the account beneficiary from themselves to the child.

Account owners must be 18 years of age or older and a U.S. citizen or legal U.S. resident to open a Virginia529 account, while the beneficiary must be a U.S. citizen or legal U.S. resident. The account owner may also be a U.S. trust, corporation, partnership, nonprofit organization, custodian, guardian or other entity.

To open a Tuition Track Portfolio account, either the account owner or the student beneficiary must be a resident of Virginia at the time the account is opened.