How Do You Transfer A Coverdell Education Savings Account Into A 529 Plan?
There are an infinite amount of investment options to save for a student’s college education, it’s no wonder the choices overwhelm many. If you chose to invest in a Coverdell Education Savings Account (ESA) and are no longer satisfied with that choice, transfer those funds. Roll the savings into a 529 College Savings Plan. Set up an appointment with a personal banker or financial advisor to guide your research about the 529 College Savings Plan. Select the option to cash out the ESA account. Inquire with that institution about the proper forms required to make the transfer of funds from a Coverdell ESA. Contact the financial institution that holds the Coverdell ESA first, to confirm the value and second, to cash out the account. Inform them that the funds are to be deposited into a 529 College Savings Plan. Complete the necessary forms to cash out the ESA account. Receive the cashed out Coverdell ESA check. Gather the most recent Coverdell ESA account statement and the cost basis and e
Related Questions
- Can I contribute to a 529 savings plan, a Coverdell Education Savings Account and a College Illinois! Prepaid Tuition Program plan at the same time?
- Can I transfer assets in a Coverdell Education Savings Account to CHETs direct-sold plan?
- How Do You Transfer A Coverdell Education Savings Account Into A 529 Plan?
