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Compare 529 Plans by Features
Plan
Policy regarding participant/owner changes
Alabama
A change in the beneficiary of an ABLE Account is not treated as a distribution and is not subject to federal gift or Goods and Services Tax (GST) if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Alaska
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the Plan.
Arizona
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Accepts requests to transfer account ownership. However, the program may report an owner change as a nonqualified distribution subject to all applicable federal and state taxes and penalties.
Arkansas
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
California
A change in the account owner of an account is treated as an outgoing rollover, not a non-qualified withdrawal, if the new account owner is a sibling of the former account owner and an eEligible individual. However, if the new account owner is not an eligible individual and a sibling
of the former account owner, the change is treated as a non-qualified
withdrawal by the former account owner. A change in the account owner or a transfer to an account for the new account owner may have federal gift
tax or Generation-Skipping Transfer (GST) tax consequences.
The beneficiary for an account may be changed without tax consequences only if the new beneficiary is a sibling of the current beneficiary and is otherwise an eligible individual. A change of beneficiary to a person
other than a sibling who is also an eligible individual would be a non-qualified withdrawal subject to federal and state taxation and could adversely affect the beneficiary's eligibility for federal and state
benefits.
Colorado
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Connecticut
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
CHET Advisor 529 College Savings Program
Connecticut
Ownership may not be transferred except in the case of an owner's death or incapacity.
Delaware
Account ownership may not be transferred prior to the owner's death or incapacity.
Delaware
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
District of Columbia
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the Plan.
Florida
During the lifetime of the beneficiary, part or all of the account balance may be transferred to an eligible individual who is a member of the family.
Georgia
A change in the beneficiary of a STABLE account is not treated as a distribution and is not subject to federal gift or generation-skipping transfer (GST) taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Hawaii
A change in the beneficiary of an ABLE account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Accepts requests to transfer account ownership.
Accepts requests to transfer account ownership.
Accepts requests to transfer contract ownership ($15 fee).
Illinois
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Indiana
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Iowa
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Kansas
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Accepts requests to transfer account ownership.
Kentucky
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Louisiana
Account ownership may not be transferred prior to the owner's death or incapacity.
Maine
A rollover to another beneficiary who is an eligible individual and a member of the family of the current beneficiary may take place at any time without federal income tax consequences. A transfer of money in an account to a person who is not a member of the family will be subject to federal income tax on any earnings on the account.
Accepts requests to transfer contract ownership ($10 fee).
Maryland
A change in the beneficiary of an ABLE account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Massachusetts
The designated beneficiary or PSA, as applicable may change the designated beneficiary of an Attainable Plan Account to a new designated beneficiary during the lifetime of the current designated beneficiary without tax consequences as long as the new designated beneficiary is a member of the family of the current designated beneficiary and an eligible individual.
Massachusetts
Account ownership may not be transferred prior to the owner's death or incapacity.
Michigan
The contract purchaser cannot transfer rights in the contract during lifetime.
Minnesota
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Mississippi
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Accepts requests to transfer account ownership.
Accepts requests to transfer contract ownership ($25 fee).
Missouri
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Accepts requests to transfer account ownership.
Montana
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the Plan.
Nebraska
The Enable Savings Plan permits the transfer of all or a portion of an account owner's account balance to another account within the Enable Savings Plan, but only during the life of the account owner. At the time of the transfer, any transferee must be an eligible individual and a member of the family of the transferor-account owner.
Accepts requests to transfer account ownership.
Accepts requests to transfer account ownership.
Nevada
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
New Hampshire
Account ownership may not be transferred prior to the owner's death or incapacity.
New Hampshire
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
New Hampshire
A change in the beneficiary of TThe NH ABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
New Hampshire
Account ownership may not be transferred prior to the owner's death or incapacity.
New Jersey
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
New Mexico
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Accepts requests to transfer account ownership.
Accepts requests to transfer account ownership.
New York
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Morgan Stanley National Advisory 529 Plan
North Carolina
Accepts requests to transfer account ownership as long as the new account owner is also an Advisory MS Wealth Management Client.
North Carolina
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.
Accepts requests to transfer account ownership.
Ohio
A change in the beneficiary of a STABLE account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Oklahoma
Ownership may not be transferred except in the case of an owner's death or incapacity.
Oklahoma
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Oregon
A change in the beneficiary of an ABLE account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Oregon
A change in the beneficiary of an ABLE account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Ownership may not be transferred except in the case of an involuntary transfer such as death.
Pennsylvania
The account owner may be changed if the new account owner is an eligible individual and is a sibling of the current account owner. If the new account owner is not a sibling of the current account owner, the change will be considered a non-qualified withdrawal, any account earnings may be subject to federal and state taxes and a federal penalty and the contribution into the new account will be subject to the annual account contribution limit (currently $14,000). Additionally the amount in the account may be considered an asset of the former account owner and could impact that individual's means-tested benefits.
Rhode Island
Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the Plan.
Future Scholar 529 College Savings Plan (Advisor-sold)
South Carolina
Accepts requests to transfer account ownership.
Future Scholar 529 College Savings Plan (Direct-sold)
South Carolina
Accepts requests to transfer account ownership.
South Carolina
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Tennessee
A designated beneficiary or legal representative may change the beneficiary on an account at any time, as long as the new beneficiary is an eligible individual and a member or the family of the former beneficiary. Any changes require that ownership of the account also be transferred to the new designated beneficiary.
Texas
A change in the designated beneficiary of an account is not treated as a distribution and is not subject to federal gift or GST taxes if the new designated beneficiary is an eligible individual and a member of the family. However, if the new designated beneficiary is not a member of the family, the change is treated as a non-qualified withdrawal by the current designated beneficiary and may have federal gift tax or GST tax consequences.
Utah
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Vermont
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Accepts requests to transfer account ownership. However, the new owner must have/open an account for the beneficiary and the funds are transferred to that account.
Virginia
In the case of a transfer of ownership of an Account, the new account owner succeeds to the previous owner's tax attributes, including, but not limited to, carryover and recapture of deductions.
Virginia
Funds can be moved upon an account owner change to an eligible individual who is a member of the family.
Virginia
Accepts requests to transfer account ownership ($10 fee except where owner has died or become disabled).
Washington State ABLE Savings Plan
Washington
A change in the beneficiary of an ABLE account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
West Virginia
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.
Wyoming
A change in the beneficiary of a STABLE Account is not treated as a distribution and is not subject to federal gift or GST taxes if the new beneficiary is an eligible individual and a sibling of the current beneficiary. However, if the new beneficiary is not a sibling of the current beneficiary, the change is treated as a non-qualified withdrawal by the current beneficiary and may have federal gift tax or GST tax consequences.