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ACCOUNT SERVICES : ROLLOVERS FROM ANOTHER STATE'S 529 PLAN

How do I roll over another 529 account into my CollegeAdvantage account?
I have an UTMA/UGMA account with another 529 plan. Can I roll the funds over into my child's CollegeAdvantage account?
How often can I roll over my account?
I have a 529 account in another state. What are the tax implications if I roll it over to a CollegeAdvantage account?
I have savings bonds that are about to mature. Can I roll them over into my child's CollegeAdvantage account?
I plan to roll over my older child's 529 account in another state to a CollegeAdvantage account. Can I establish the new account for my younger child instead?
How do I roll over a Coverdale ESA to a CollegeAdvantage 529 account?

Q.

How do I roll over another 529 account into my CollegeAdvantage account?

A.

Check with the administrator of the other 529 account to see what form you need to withdraw your funds for a rollover. After you submit that form, you will receive a principal and earnings statement and distribution check. Send both to Ohio Tuition Trust Authority with a New Account Application or, if you already have an account with us, a contribution slip with “Rollover Contribution” checked on the front. If you need to endorse the distribution check, sign it on the back and write “Payable to Ohio Tuition Trust Authority.” When we receive your funds, we’ll deposit them as a rollover contribution. Be sure to finish the transaction within 60 days of distribution from your other account, or your earnings will be taxed and you’ll also be subject to a 10% penalty.

Some 529 plans ask you to send our rollover form or have us request the rollover. We do not have a rollover form, as we do not solicit or accept direct rollovers.

Q.

I have an UTMA/UGMA account with another 529 plan. Can I roll the funds over into my child's CollegeAdvantage account?

A.

We must keep custodial funds separate, so you'll need to establish another CollegeAdvantage account for the UTMA/UGMA funds. Request the rollover from the other plan. When you receive the principal and earnings statement and the proceeds check, send both with a New Account Application, which you can find on the Forms page of our website. Be sure to check the box that says you're rolling over into an UTMA/UGMA account.

Q.

How often can I roll over my account?

A.

You can roll over funds for an individual Beneficiary once in every calendar year.

Q.

I have a 529 account in another state. What are the tax implications if I roll it over to a CollegeAdvantage account?

A.

You can roll over the funds with no taxes or penalties as long as you complete the transaction within 60 days of distribution from your current account.

Q.

I have savings bonds that are about to mature. Can I roll them over into my child's CollegeAdvantage account?

A.

You can roll over the assets by redeeming a qualified U.S. Savings Bond, generally a Series EE or I. You'll need to provide us with an account statement and a form 1099-NT, or other documentation, from the financial institution that redeemed the bond showing how much of the proceeds represented interest and how much represented principal.

Q.

I plan to roll over my older child's 529 account in another state to a CollegeAdvantage account. Can I establish the new account for my younger child instead?

A.

Yes. When you roll over the account, you can use that transaction to change the Beneficiary.

Q.

How do I roll over a Coverdale ESA to a CollegeAdvantage 529 account?

A.

Check with the administrator of your Coverdell account to see what form you need to withdraw your funds for a rollover. After you submit that form, you will receive a principal and earnings statement and distribution check. Send both to Ohio Tuition Trust Authority with a New Account Application or, if you already have an account with us, a contribution slip with “Rollover Contribution” checked on the front. If you need to endorse the distribution check, sign it on the back and write “Payable to Ohio Tuition Trust Authority.” When we receive your funds, we’ll deposit them as a rollover contribution. Be sure to finish the transaction within 60 days of distribution from your other account, or your earnings will be taxed and you’ll also be subject to a 10% penalty.

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