Prepaid Tuition Plan Account Owner-Frequently Asked Questions

What happens in September 2021? 

When should I expect to receive my lump sum final payment check? 

When will the lump sum final payment check expire? 

Will I be able to get another check if I allow my lump sum final payment distribution check to expire?  

Is my final distribution check taxable?  

Will I receive a 1099? 

Can the final lump sum final payment be made payable to my beneficiary? 

What should I do if I need to update my address before the final payment check is sent? 

Can I rollover my Prepaid Tuition Plan final payment check/benefits?  

Your benefits may be rolled over into a SMART529 College Savings account or other 529 plan provided that funds are contributed to the other savings plan within 60 days of the issuance of your final Prepaid Tuition check or the transaction may be deemed a Non-Qualified Distribution which is generally considered a taxable event subject to federal and state income tax or penalty. You should consult your tax professional if you have questions regarding any potential taxable events. 

Can I rollover my final payment check for my child’s Prepaid Tuition Plan benefits into a SMART529 account for him/her? 

Can I rollover my final payment check for one of my children’s Prepaid Tuition Plan benefits into another of my children’s SMART529 account or another 529 plan? 

Why would I choose to rollover my Prepaid Tuition Plan final payment check into SMART529 or other 529 plan? 

How do I open a SMART529 Savings Account?  

For questions concerning the Prepaid Plan, please contact Customer Service at 1-866-574-3542, prompt 3. For questions concerning SMART529 college savings plans, please contact Customer Service at 1-866-574-3542, prompt 1.

For more information or question contact:
1-866-574-3542, press prompt 3

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