An Account Owner can be any adult U.S. resident or citizen, a business or a non-profit organization. Your Designated Beneficiary can be any U.S. citizen or resident of any age. You can even open an account for yourself, and there is no state residency requirement. However, West Virginia offers special state tax incentives for West Virginia taxpayers. Residents outside West Virginia should review their own state's qualified tuition program, including any state tax or other advantages it may provide, before investing in SMART529.

Investment options may be changed, tax-free, twice during any calendar year. Future allocations can be changed on an unlimited basis.

The Account Owner has complete control of withdrawals and other changes to the account.

Most 2 or 4 year accredited colleges or universities, vocational, technical or graduate schools in the U.S., as well as a limited number of overseas programs. To check if a U.S. institution is accredited, call the Federal Student Financial Aid Center at 1-800-433-3243

If the beneficiary receives a grant or scholarship, that amount can be withdrawn from the account. If that money is not used for other qualified higher education expenses, the portion of the withdrawal that represents earnings will be subject to ordinary income taxes. But it will not be subject to a 10% federal income tax penalty. Proper documentation of the scholarship may be required.

In that instance, the Account Owner has three options: (1) Leave the money in the account, in case the Designated Beneficiary decides to attend school later; (2) Change the Designated Beneficiary to an eligible family member¹ of the current beneficiary; or (3) Withdraw the money. In that event, account earnings will not only be subject to ordinary income taxes, but a 10% federal income tax penalty may also apply. Such a withdrawal may have state income tax implications.

¹ Please see the Offering Statement for a definition of eligible beneficiaries and eligible family members.

The Account Owner has two options: (1) Change the Designated Beneficiary on the account to another eligible family member¹ of the current beneficiary, or (2) Withdraw the account value. In that event, account earnings will be subject to ordinary income taxes.

¹ Please see the Offering Statement for a definition of eligible beneficiaries and eligible family members.

Download, complete and submit the appropriate form under Forms & Documents. You may also contact Customer Service toll-free at (866) 574-3542 to request a form.

Yes, you can access your account whenever you want.

Yes. Beneficiary changes can be made and are income tax free if made to an eligible family member of the current beneficiary.

¹ Please see the Offering Statement for a definition of eligible beneficiaries and eligible family members.

In December 2022, as part of the government’s year-end spending bill, the SECURE 2.0 Act of 2022 was signed into law by the President. This Act permits an additional type of qualified distribution for 529 plan assets by allowing limited tax and penalty-free 529 plan rollovers to Roth IRA accounts 1/1/2024. This increased flexibility may help to address the needs of account owners whose beneficiaries do not pursue higher education or who have leftover funds within their 529 account due to their beneficiary receiving a scholarship. There are several key provisions of the Act as it relates to these rollovers which you can learn more about here.

SMART529 offers a variety of investment options to allow you to choose how best to meet your financial objectives and risk tolerance. You can enroll directly or with the help of an investment professional. Review the Offering Statement of each product you are considering for details and descriptions of investment options. Keep in mind, you may change the existing investment allocation twice per calendar year.

No. Investment performance is not guaranteed. There are risks, including the possible loss of the principal amount invested. The contributions or earnings are not guaranteed or insured by the State of West Virginia, the West Virginia State Treasurer's Office, Hartford Funds or its affiliates, or any depository institution.

Qualifying expenses include tuition, fees, room, board, books, equipment and supplies required for attendance, according to the IRS guidelines. The amount that can be saved for each may be limited by IRS regulation (see the College Savings Offering Statement for more information).

Miscellaneous items, such as travel, transportation, personal expenses, entertainment and equipment that is not specifically required for college attendance.

Many investors choose to open an account using the professional advice and assistance of an investment professional. Check your telephone directory for a local bank representative, investment firm or investment professional in your area. West Virginia residents who prefer making their own financial decisions can invest in SMART529 WV Direct online by downloading the appropriate forms and mailing the completed forms back. You can also request a printed enrollment kit be mailed to you.

You can contribute as much as you like to your SMART529 account until the account balance reaches $550,000 (including earnings and any amounts invested in the Prepaid Tuition Plan), at which point no further contributions can be made.¹ If a designated beneficiary has more that one account in their name, the combined account balances may not exceed $550,000.

¹ For more information about the aggregate amount that can be invested for any Designated Beneficiary, please see the College Savings Offering Statement or Prepaid Tuition Plan Disclosure Statement and Participation Agreement.

There is no minimum amount required for initial or subsequent contributions. 

Online
Log in to your account, enter your banking instructions, indicate the amount you wish to contribute, and submit the instructions.

By Check
Simply make your check payable to SMART529, write your beneficiary number (which can be found on your statement) on your check and send it to:
SMART529 WV Direct
P.O. Box 55362
Boston, MA 02205

West Virginia state tax advantages include the ability to reduce your federal gross adjusted income by the amount contributed to a SMART529 account when figuring your West Virginia Personal Income Tax. Tax deductible contributions must be postmarked by December 31 of the year for which the deduction is taken.  Qualified distributions are not subject to West Virginia State Income Tax. The West Virginia state deduction is subject to recapture for non-qualified distributions.

Earnings in your account have the potential to accumulate on a tax-deferred basis until withdrawn.  Qualified distributions are not subject to federal income tax. Any earnings are taxable upon distribution. Earnings on non-qualified distributions are taxable as ordinary income and may also be subject to a 10% federal income tax penalty and may also have state tax implications.
See the Offering Statement for a listing of Qualified Expenses.

Online
Log in  to your account, select Investment Management, and Make a Distribution.
Or, the Account Owner simply returns a completed Distribution Request Form to the SMART529 Service Center. Checks can be sent to the Account Owner, Beneficiary or Eligible Higher Educational Institution. Withdrawals can be made at any time and usually take five business days to process.