How to Transfer an Account to a 529 Plan

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The only way to transfer an account to a 529 plan is to liquidate the assets from other accounts and deposit them into the 529 account. Understand the limitations on a 529 account for contributions with help from an investment portfolio manager in this free video on investing and personal finance.

Part of the Video Series: Investing & Retirement Funds
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Video Transcript

So how to transfer an account to a 529 plan? Well many times this will be the case when you maybe have had money market cd's maybe just independent saving that has been put aside for either yourself or a child's education and now you have found a 529 plan after researching them that really suits your needs and you would like to take advantage of the tax deferral and the growth within the 529 so really to do the transfer is fine. You basically liquidate any assets that you have in the other accounts, bring those over and deposit those in the 529 account. Now the 529 will have limitations on the amount of contributions you can put in but as long as you have noted those and you've got the information on the limitations and restrictions on the 520 you should be just fine but transferring an account in would be absolutely no problem and you are not going to do a full transfer. You are going to have to liquidate the assets and then transfer in that cash and then the 529 will have its investment options within the shell and you can invest in those whenever you would like to or immediately.


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