Withdrawing funds from your Raise Education account is a simple process, but there are important considerations to ensure compliance with 529 plan rules and avoid unnecessary penalties.
Steps to Make a Withdrawal
Log in to your Raise Education account at www.raisefinancial.com.
Navigate to the "Withdraw Funds" section in your account dashboard.
Select the amount you wish to withdraw and specify the reason for withdrawal.
Choose whether to send funds directly to the school, beneficiary, or account owner.
Confirm and submit your withdrawal request.
Allow time for processing, which may take a few business days.
Important Considerations
Qualified Withdrawals: Funds used for tuition, books, housing, and other eligible education expenses will not be subject to penalties.
Non-Qualified Withdrawals: If funds are used for non-education purposes, they may be subject to taxes and penalties.
Direct-to-School Option: Payments made directly to an educational institution may simplify record-keeping and tax reporting.
Changing Beneficiaries: If the intended beneficiary does not use the funds, you can transfer the account to another eligible family member.