Savings FAQs

• September 22, 2023

  Managing Your Plan

  Can I roll over leftover funds from my child’s 529 Savings Plan into an IRA?

  Starting January 2024, you may choose to transfer (roll over) remaining 529 Savings Plan funds to a beneficiary’s Roth IRA (Individual Retirement Account). The lifetime maximum a parent can transfer is $35,000 per beneficiary, and the account must have been open for 15 years (with rollover funds in the account…

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• August 8, 2023

  Contributing To Your Plan

  Can I move money from another 529 Plan to Florida’s 529 Savings Plan?

  Yes. Funds may be transferred from another state’s 529 Plan into a Florida 529 Savings Plan. The IRS calls this a “rollover” and allows you to do so once every 12 months for the same Beneficiary. In addition, Education Savings Accounts (ESAs), Uniform Gift/Transfers to Minor Act (UGMA/ UTMA) assets…

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• August 7, 2023

  Contributing To Your Plan

  When are my contributions actually invested?

  Contributions received and processed before the close of trading on the New York Stock Exchange will be invested the same day. Contributions received and processed after the close of trading on the New York Stock Exchange will be invested on the next business day.…

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• August 5, 2023

  Contributing To Your Plan

  Can other people contribute to my Florida 529 Savings Plan?

  Yes. If you have friends and family that want to contribute to your Florida 529 Savings Plan, you can set up a gifting event through your online account at myfloridaprepaid.com and invite them to join the cause. Or, invite them to send a check and a Contribution Coupon Form to…

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• August 3, 2023

  Contributing To Your Plan

  Is there a maximum account balance or contribution amount?

  There is no annual contribution limit. You may contribute until the account reaches a maximum balance of $418,000. No further contributions can be made once the account has reached the maximum balance.…

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• August 2, 2023

  Contributing To Your Plan

  Is there a minimum contribution amount?

  No. There is no minimum contribution to get started. You contribute as much and as often as you like. Many families find the best way to fund a college savings plan is to set up an automatic monthly contribution so it’s part of their regular budget.…

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• September 11, 2019

  How It Works

  Can I use funds from my Florida 529 Savings Plan toward my child’s K-12 education?

  The Tax Cuts and Jobs Act of 2017 expanded the definition of qualified higher education expenses, under Section 529 of the Internal Revenue Code, to include expenses for tuition and mandatory fees associated with enrollment or attendance at an elementary or secondary public, private, or religious school. Such expenses are…

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• January 31, 2019

  Managing Your Plan

  Can a Florida 529 Savings Plan be opened jointly?

  A Florida 529 Savings Plan is owned and managed by a single Account Owner. However, after you enroll, you may name a Survivor who will have a right of survivorship. In addition, for plans purchased after to February 1, 2009, the Survivor will also have certain limited rights of approval…

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• January 31, 2019

  Managing Your Plan

  What happens if I move?

  If you or your student move out of state at some point, your plan will continue as if you never left Florida.…

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• January 31, 2019

  Managing Your Plan

  Can I transfer my Florida 529 Savings Plan to someone else?

  Yes. Florida 529 Savings Plan ownership can be transferred at any time to an individual 18 years of age or older and a U.S. citizen or legal U.S. resident. In addition, funds may be transferred from one Florida 529 Savings Plan to another for a member of the student’s family.…

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