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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:
- July 15, 2020 or
- 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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SMART529 WV Direct
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