Yes, you can move funds to a Roth IRA owned by the beneficiary (student) on your Virginia529 account. Your 529 plan must be opened for at least 15 years. The beneficiary must initiate the request with the Roth IRA provider and you must complete a Move Funds Authorization form.
Yes, you may move funds from another qualified tuition program into a Virginia529 account by completing a Move Funds Request. If you do not already have an Invest529 account, you must open an Invest529 account before completing the request.
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, you must liquidate the EE or I U.S. Savings Bonds and/or Education Savings Account and complete the Coverdell/US Savings Bond Transfer Form. Keep in mind, Virginia529 is not responsible for redeeming the EE or U.S. Savings Bonds or coordinating the Coverdell Account transfer with the originating financial institution. You must also provide Virginia529 with the basis and earnings for your redemption of qualified Series EE or I U.S. Savings Bonds or the transfer of a Coverdell Education Savings Account at the time these proceeds are deposited to your Virginia529 account. If the information is not received within 60 days, the entire amount will be recorded as earnings.
CollegeAmerica is available only through financial professionals. Generally, your statement will have “CollegeAmerica” listed in the account title or name.
- You are allowed two investment option changes per beneficiary (student) per calendar year.
- You are allowed one rollover per student during a rolling 12-month period.
- There is no limit on the number of transfers.
Note: Roth IRA rollovers do not count against your yearly rollover limit. Please read the applicable Program Description for more information.
It typically takes approximately three (3) business days to process requests submitted online to move funds between Virginia529 accounts (if mailing paper forms, the processing time may be longer). For rollovers involving another qualified tuition program (QTP) or a Roth IRA, please allow up to 30 days for processing after all required documentation is received. Account owners should check with the other plan’s administrator regarding their processing times.
You can upload your supporting documentation or signature pages through your online account. After logging in, select Upload Documents under the Help Desk tab. You may also upload the documents securely by using Virginia529’s Secure Upload Link.
An account owner may initiate an investment option change twice per calendar year per student. If there is a change in student, an investment option change can also be made at the same time.