Fitz and Kennedy 529 Plan's college savings plan

A 529 plan is an education savings plan sponsored by a state or state agency. Savings can be used for tuition, books, and other education-related expenses at most accredited two- and four-year colleges and universities, U.S. vocational-technical schools, and eligible foreign institutions. U.S. residents of any state, who are 18 years of age or older (or the age of majority in some states), may invest in most state plans. Savings may also be used for tuition expenses at eligible public, private, and religious primary and secondary educational institutions (K-12). Please see What is a 529 Plan for more details.

Gift tax and Generation Skipping Transfer (GST) tax may be triggered for a person making gifts totaling more than $19,000 per year to any one individual. A person considering making gifts over this amount during the course of the year should consult a tax advisor.

Yes. U.S. Residents age 18 or older can open a Fidelity 529 account and name anyone as a beneficiary - a relative, a friend, even yourself. There are no income restrictions on either you, as the contributor, or the beneficiary. There is also no limit to the number of plans you are allowed to set up. Visit our 529 College Savings Plan page to learn more.

529 accounts are dedicated education savings plans intended to be used for qualified education expenses. However, the account owner may take withdrawals and use the proceeds for other purposes. These non-qualified withdrawals would be subject to income taxes and a 10% federal penalty tax on any earnings.

When gifting by electronic check, we ask for your bank routing number and account number as well as authentication information about yourself.

If you make a gift via e-check, you will receive a confirmation upon completing the transaction that you can print for your records and will also receive an email notification.

Once the gift has been invested into the 529 account, the account owner will receive a contribution confirmation and will be able to review who made the gift by logging into their account. The account owner will see the gift amount, your name and date of gift.
It may take 2-3 business days for the account owner to see this information.

No.

If for some reason you are uncertain about whether your gift has been processed, you can contact a Fidelity college planning representative who can check on the status of the transaction. Please have your confirmation number available. However, since you are not the account owner of the designated Fidelity 529 account, the representative will not be able to provide you with specifics related to the 529 account. You may need to discuss any account specific questions with the account owner.

Gifts to a 529 account are considered completed gifts. Fidelity representatives will not be able to assist you with a return of a gift. If the account owner chooses to make a withdrawal from a 529 account for purposes other than qualified higher education expenses, they will be subject to income taxes and a 10% federal penalty tax on any earnings.

No.

For more information about Fidelity’s 529 online gifting, including enrollment, please visit https://www.fidelity.com/529-plans/college-gifting.