Get the free Minnesota College Savings Plan Rollover Form - mnsaves

Complete this form to initiate a direct rollover of assets from another 529 plan to an account in the Minnesota College Savings Plan. If you have not already established a Minnesota College Savings

How to fill out minnesota college savings plan

How to fill out Minnesota College Savings Plan Rollover Form

1. Obtain the Minnesota College Savings Plan Rollover Form from the official website or request a copy from the program.
2. Fill out your personal information at the top of the form, including your name, address, and account number.
3. Specify the type of rollover you are completing – whether it's from another qualified plan or an external account.
4. Provide details about the current account from which the funds are being rolled over, including the account number and the name of the financial institution.
5. Indicate the amount being rolled over, ensuring it aligns with the guidelines of the Minnesota College Savings Plan.
6. Sign and date the form to validate that all information is accurate.
7. Submit the completed form to the Minnesota College Savings Plan via mail or as per the specified submission guidelines.

Who needs Minnesota College Savings Plan Rollover Form?

1. Individuals who have an existing 529 college savings plan from another state or institution.
2. Account holders looking to transfer their savings into the Minnesota College Savings Plan for potential tax benefits or better investment options.
3. Parents or guardians of children who are beneficiaries of the previous savings plan and need to switch plans.

People Also Ask about

Can I roll my 529 into a Roth IRA?

If the beneficiary of a 529 account doesn't go to college, you canchange the beneficiary or take a non-qualified withdrawal. If you take a non-qualified withdrawal, you will incur income tax as well as a 10% penalty tax on the earnings portionof the account.

How to roll over a 529 plan?

A 529 plan rollover is when you move funds from one state's plan to another. As noted above, you can complete one rollover per beneficiary in a 12-month period. A transfer is when you transfer funds from one beneficiary to another within the same plan.

Can a 529 plan be rolled over?

Under certain conditions, you can roll over tax- and penalty-free up to a lifetime limit of $35,000 in a 529 to a Roth IRA open by the 529 beneficiary for more than 15 years, subject to annual Roth IRA contribution limits. (Note: The annual contribution limit would be the beneficiary's, not the parents'.)

For pdfFiller’s FAQs

What is Minnesota College Savings Plan Rollover Form?

The Minnesota College Savings Plan Rollover Form is a document used to transfer funds from one 529 college savings plan to another without incurring taxes or penalties.

Who is required to file Minnesota College Savings Plan Rollover Form?

Individuals who wish to roll over their college savings funds from an existing Minnesota 529 plan to another 529 plan are required to file the Minnesota College Savings Plan Rollover Form.

How to fill out Minnesota College Savings Plan Rollover Form?

To fill out the Minnesota College Savings Plan Rollover Form, you need to provide your account information, details of the current plan from which you are rolling over the funds, and the new plan into which the funds are being transferred.

What is the purpose of Minnesota College Savings Plan Rollover Form?

The purpose of the Minnesota College Savings Plan Rollover Form is to facilitate the tax-free transfer of assets between qualified 529 plans while ensuring compliance with state and federal regulations.

What information must be reported on Minnesota College Savings Plan Rollover Form?

The information that must be reported on the Minnesota College Savings Plan Rollover Form includes the account holder's personal information, account numbers for the current and new 529 plans, and the amount being rolled over.