Request a Distribution
   IMPORTANT:

Always keep good expense records. Consult IRS Publication 970 - Tax Benefits for Higher Education, for available tax benefits for higher education costs. Consult a tax advisor to ensure distributions are correctly characterized on your income tax returns.

Only the account owner can withdraw money from the account. There is no minimum withdrawal amount, and each distribution from your account will consist of a portion of your contributions and a portion of your account's earnings. Distributions will be paid by check and we will send a confirmation of the distribution. For each distribution, you must send the completed and signed College Savings Distribution Request Form to us.

 

When taking money out of your SMART529 College Savings Plan, please read the information regarding the two types of distributions: qualified distributions and non-qualified distributions.

IRS form 1099-Q

For each distribution, SMART529 will send a Form 1099-Q reporting the earnings portion of any distribution to the designated beneficiary if the distribution was made to the designated beneficiary or to an eligible educational institution for the benefit of the designated beneficiary. Otherwise, the account owner will receive the Form 1099-Q. Check with your tax professional about filing this information on your tax returns. We also provide the information on Form 1099-Q to the Internal Revenue Service.

   IMPORTANT:

Always keep good expense records. Consult IRS Publication 970 - Tax Benefits for Higher Education, for available tax benefits for higher education costs. Consult a tax advisor to ensure distributions are correctly characterized on your income tax returns.

Financial Aid

Financial aid may be available even if you are invested in SMART529. The U.S. Department of Education (USDOE) has issued a student guide about financial aid and how it may be affected by investments in 529 Plans. In most cases, if the account owner is the parent of the designated beneficiary, the SMART529 WV Direct account will be considered an asset of the parent when computing the designated beneficiary's financial aid needs. If the account owner is the designated beneficiary, the SMART529 account is considered an asset of the designated beneficiary. The potential impact on financial aid can vary depending on the owner of the 529 account, whether it be a parent, dependent student, grandparent, or someone else. You should consult with the USDOE Office of Postsecondary Education or the financial aid office of a college, university, trade school or adult vocational program for more information.

 

 

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SMART529 is a college savings plan offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs and administered by Hartford Funds Management Company, LLC ("HFMC").

SMART529 Direct is available to residents of West Virginia or to non-residents where the beneficiary is a resident of West Virginia. West Virginia (WV) provides certain tax advantages to WV taxpayers that invest in SMART529 Direct. Before investing, an investor should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan.

Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, the West Virginia State Treasurer's Office, HFMC, The Hartford Financial Services Group, Inc., the investment sub-advisers for the Underlying Funds or any depository institution. Investments in SMART529 are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.

Investments in SMART529 are subject to certain charges, which will reduce the value of your Account as they are incurred. Please see the Offering Statement for details of charges or fees that apply to the specific SMART529 savings plan.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider the investment objectives, risks, charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529, including privacy notices, and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained by calling (866) 574−3542. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Funds Distributors, LLC. Member SIPC.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

© Copyright 2024 Hartford Funds Management Group, Inc. All Rights Reserved. Not FDIC Insured | No Bank Guarantee | May Lose Value

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