Common use of Qualifying Rollovers Clause in Contracts

Qualifying Rollovers. A Participant may direct a withdrawal from an Account for the purpose of a rollover to an account in another Section 529 Program by notifying the Recordkeeping Agent by telephone at 0-000-0-XXXXXXX (000-0000) or in writing. To authorize a rollover withdrawal by telephone, a Participant should have the following information available: (i) Account number; (ii) amount to be rolled over if not the entire Account balance; (iii) Portfolio(s) to be liquidated; and (iv) the name of the receiving Section 529 Program. Written requests for rollover withdrawals from an Account must be submitted to the Recordkeeping Agent on a NextGen 529 Withdrawal Request Form. If the Participant completes a qualifying rollover, the withdrawal will not be subject to federal income tax, including the 10% additional federal tax, on earnings. State tax treatment varies from state to state, and qualifying rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. A Participant may also rollover amounts under an Account to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, or a Member of the Family thereof, federal income tax-free, if such Designated Beneficiary or Member of the Family thereof meets the eligibility requirements for an account in such program and subject to applicable ABLE contribution limits. Distributions from an Account in connection with any such rollover must occur before January 1, 2026. State tax treatment varies from state to state, and ABLE rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. The Section 529 Program or ABLE to which you are transferring funds may impose other restrictions or fees on rollovers. You should investigate them thoroughly.

Qualifying Rollovers. A Participant may direct a withdrawal from an Account for the purpose of a rollover to an account in another Section 529 Program by notifying the Recordkeeping Agent Program Manager by telephone or in writing. To request a rollover withdrawal by telephone, a Participant should contact the Program Manager at 1-833- 3NG529 (0-000-0-XXXXXXX (000-0000) ), or in writingthe applicable Financial Intermediary. To authorize a rollover withdrawal by telephone, a Participant should have the following information available: (i) Account number; (ii) amount to be rolled over if not the entire Account balance; (iii) Portfolio(s) to be liquidated; and (iv) the name of the receiving Section 529 Program. Written requests for rollover withdrawals from an Account must be submitted to the Recordkeeping Agent on a NextGen 529 Withdrawal Request Form. If the Participant completes a qualifying rollover, the withdrawal will not be subject to federal income tax, including the 10% additional federal tax, on earnings. State tax treatment varies from state to state, and qualifying rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. A Participant may also rollover amounts under an Account to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, or a Member of the Family thereof, federal income tax-free, if such Designated Beneficiary or Member of the Family thereof meets the eligibility requirements for an account in such program and subject to applicable ABLE contribution limits. Distributions from an Account in connection with any such rollover must occur before January 1, 2026. State tax treatment varies from state to state, and ABLE rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. The Section 529 Program or ABLE to which you are transferring funds may impose other restrictions or fees on rollovers. You should investigate them thoroughly.

Qualifying Rollovers. A Participant may direct a withdrawal from an Account for the purpose of a rollover to an account in another Section 529 Program by notifying the Recordkeeping Agent by telephone at 0-000-0-XXXXXXX (000-0000) or in writing. To authorize a rollover withdrawal by telephone, a Participant should have the following information available: (i) Account number; (ii) amount to be rolled over if not the entire Account balance; (iii) Portfolio(s) to be liquidated; and (iv) the name of the receiving Section 529 Program. Written requests for rollover withdrawals from an Account must be submitted to the Recordkeeping Agent on a NextGen 529 Withdrawal Request Form. If the Participant completes a qualifying rollover, the withdrawal will not be subject to federal income tax, including the 10% additional federal tax, on earnings. State tax treatment varies from state to state, and qualifying rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. A Participant may also rollover amounts under in an Account to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, or a Member of the Family thereof, federal income tax-free, if such Designated Beneficiary or Member of the Family thereof meets the eligibility requirements for an account in such program and subject to applicable ABLE contribution limits. Distributions from an Account in connection with any such rollover must occur before January 1, 2026. State tax treatment varies from state to state, and ABLE rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. Starting January 1, 2024, a Participant may also rollover amounts in an Account to a Xxxx XXX -- subject to certain conditions (a “529-to-Xxxx XXX Rollover”) The conditions include, but are not limited to, the following: (i) The Account must have been maintained for the 15-year period ending on the date of the 529-to-Xxxx XXX Rollover; (ii) The 529-to-Xxxx XXX Rollover must be made in a direct trustee-to-trustee transfer to a Xxxx XXX maintained for the benefit of the same designated beneficiary as the Designated Beneficiary of the Account (not the Participant – if different); (iii) Each year, the 529-to-Xxxx XXX Rollover will be subject to annual IRA contribution limits, minus all other IRA contributions made during the year for the same designated beneficiary. In addition, such rollovers may not exceed the amount of compensation the designated beneficiary earned during the year; (iv) The amount of the 529-to-Xxxx XXX Rollover may not exceed the aggregate amount contributed to the Account (and earnings attributable thereto) before the 5- year period ending on the date of such rollover; (v) The aggregate amount of 529-to-Xxxx XXX Rollovers for the same designated beneficiary may not exceed $35,000; and (vi) Xxxx XXX income limitations are waived for 529-to-Xxxx XXX Rollovers. The information presented in this Program Disclosure Statement on 529-to-Xxxx IRAs Rollovers is based on a good faith interpretation of federal legislation enacted in December, 2022. Please consult with your financial professional or tax advisor regarding the applicability of 529-to-Xxxx XXX Rollovers to your personal situation. The Section 529 Program Program, ABLE or ABLE Xxxx XXX to which you are transferring funds may impose other restrictions or fees on rollovers. You should investigate them thoroughly.

Qualifying Rollovers. A Participant may direct a withdrawal from an Account for the purpose of a rollover to an account in another Section 529 Program by notifying the Recordkeeping Agent Program Manager by telephone or in writing. To request a rollover withdrawal by telephone, a Participant should contact the Program Manager at 1-833- 3NG529 (0-000-0-XXXXXXX (000-0000) ), or in writingthe applicable Financial Intermediary. To authorize a rollover withdrawal by telephone, a Participant should have the following information available: (i) Account number; (ii) amount to be rolled over if not the entire Account balance; (iii) Portfolio(s) to be liquidated; and (iv) the name of the receiving Section 529 Program. Written requests for rollover withdrawals from an Account must be submitted to the Recordkeeping Agent on a NextGen 529 Withdrawal Request Form. If the Participant completes a qualifying rollover, the withdrawal will not be subject to federal income tax, including the 10% additional federal tax, on earnings. State tax treatment varies from state to state, and qualifying rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. A Participant may also rollover amounts under an Account to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, or a Member of the Family thereof, federal income tax-free, if such Designated Beneficiary or Member of the Family thereof meets the eligibility requirements for an account in such program and subject to applicable ABLE contribution limits. Distributions from an Account in connection with any such rollover must occur before January 1, 2026. State tax treatment varies from state to state, and ABLE rollovers may receive different tax treatment under state law compared to federal law. Special rules apply to Accounts established by UGMA/UTMA custodians. Starting January 1, 2024, a Participant may also rollover amounts in an Account to a Xxxx XXX -- subject to certain conditions (a “529-to-Xxxx XXX Rollover”) The conditions include, but are not limited to, the following: (i) The Account must have been maintained for the 15-year period ending on the date of the 529-to-Xxxx XXX Rollover; (ii) The 529-to-Xxxx XXX Rollover must be made in a direct trustee-to-trustee transfer to a Xxxx XXX maintained for the benefit of the same designated beneficiary as the Designated Beneficiary of the Account (not the Participant – if different); (iii) Each year, the 529-to-Xxxx XXX Rollover will be subject to annual IRA contribution limits, minus all other IRA contributions made during the year for the same designated beneficiary. In addition, such rollovers may not exceed the amount of compensation the designated beneficiary earned during the year; (iv) The amount of the 529-to-Xxxx XXX Rollover may not exceed the aggregate amount contributed to the Account (and earnings attributable thereto) before the 5- year period ending on the date of such rollover; (v) The aggregate amount of 529-to-Xxxx XXX Rollovers for the same designated beneficiary may not exceed $35,000; and (vi) Xxxx XXX income limitations are waived for 529-to-Xxxx XXX Rollovers. The information presented in this Program Disclosure Statement on 529-to-Xxxx IRAs Rollovers is based on a good faith interpretation of federal legislation enacted in December, 2022. Please consult with your financial professional or tax advisor regarding the applicability of 529-to-Xxxx XXX Rollovers to your personal situation. The Section 529 Program Program, ABLE or ABLE Xxxx XXX to which you are transferring funds may impose other restrictions or fees on rollovers. You should investigate them thoroughly.