Information on refunds due to COVID-19

  • On April 10, 2020 the IRS issued relief for 529 plan participants who received a refund of a distribution from a 529 plan this spring due to the COVID19 pandemic.
  • You are able to recontribute the refund into the same or another 529 account for the same beneficiary by:
    1. July 15, 2020 or
    2. 60 days from the date you received the refund, whichever date is later.
  • When you submit the refund to the Plan, you must notify us that it is a recontribution by including a letter of instruction
  • If the refund is not recontributed, the original withdrawal may be deemed non-qualified, and therefore subject to taxes or penalties, because the funds are no longer being used for qualified higher education expenses
  • Refunds can be submitted to the addresses on the right.

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Standard Mail:
SMART529 Select
P.O. Box 55371
Boston, MA 02205

Overnight Mail:
SMART529 WV Direct
95 Wells Ave., Suite 155
Newton, MA 02459

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