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Frequently asked questions – Minnesota College Savings Plan

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Rollovers and Transfers

Rollover Funds from another 529 College Savings Plan

If you currently have another 529 college savings plan account and want to move the assets to an existing or new Minnesota College Savings Plan account, complete the Rollover Form. If you are establishing a new account, please include a new enrollment application as well.

You are permitted to transfer funds from another 529 college savings plan to an account in the Minnesota College Savings Plan for the same beneficiary once within a 12-month period without incurring federal income tax. Before transferring or rolling over funds from another account, be sure to consider the differences in features and costs, and possible tax consequences.

You may wish to consult your tax advisor or the other 529 college savings plan before transferring funds. State and local taxes may apply. For more information on rollovers, see the Disclosure Booklet (PDF).

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Minnesota Office of Higher Education

The Minnesota College Savings Plan is administered by the Minnesota Office of Higher Education. TIAA-CREF Tuition Financing, Inc. (TFI) serves as Plan Manager.

Consider the investment objectives, risks, charges and expenses before investing in the Plan. Please call toll-free 1-877-338-4646 or click here for a Disclosure Booklet containing this and other information. Read it carefully. Investments in the plan are neither insured nor guaranteed and there is the risk of investment loss.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan offering favorable state income tax or other benefits only available if you invest in that state's 529 plan.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Non-qualified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.

The Plan Web site is for informational purposes only, and does not constitute an offer to sell or solicitation of an offer to buy any security that may be referenced on the site. Such offer or solicitation can be made only through the Disclosure Booklet.

The Plan Web site contains links to other Web sites. Neither the Plan nor TFI and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.

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