FAQs
Opening an account
- Who can open an account?
- What do I need to open an account?
- Do I have to live in the state of Washington to open an account?
- Who is the account owner?
- What are the fees?
- Is there a minimum to open an account?
- Can I open more than one DreamAhead account?
- How do I change my info, like contact details, password, investments?
- Who is the successor owner?
- Who can access the account?
Beneficiary
- Who can be a beneficiary?
- Can a beneficiary have more than one account?
- Can I transfer an account to another beneficiary?
- Who qualifies as a “member of the family”?
- What if a beneficiary doesn’t go to college?
- What if my beneficiary is awarded a scholarship?
- How will having a DreamAhead account affect my financial aid?
- Can I add multiple beneficiaries to an account?
Adding to an account
Investments
Using an account
- How can I use a DreamAhead account?
- What is considered a qualified expense?
- At what types of schools can I use DreamAhead?
- How do I withdraw money?
- Can I make direct payments from my account to my school?
- Can I use my account to pay for room and board expenses?
- Can I use my account to pay for computers, tablets, and other study tools?
- Can I use the money for international schools?
- Can I use a DreamAhead account for K-12 expenses?
- Can I use the money from my DreamAhead account and Coverdell Education Savings Account (ESA) to pay for expenses in the same year?
- Is paying off a student loan a qualified expense?
Gifting
Rollovers
- Can I roll over assets from another 529 college savings plan into my DreamAhead account?
- How do I roll over a GET account into a DreamAhead account?
- Can I contribute funds from a Coverdell Education Savings Account (ESA) to a DreamAhead account?
- Can I transfer assets from an UGMA/UTMA account to my DreamAhead account?
- What is the Uniform Gifts to Minors Act (UGMA)?
- Can I roll over assets from my DreamAhead account into another college savings plan?
Tax benefits
- What are the state and federal tax advantages?
- Are contributions federal tax deductible?
- How are withdrawals for non-qualified expenses taxed?
- What are some non-qualified expenses that are not penalized?
- Are contributions made pre-tax or after-tax?
- Is there a state income tax deduction?
- Can I claim a HOPE/American Opportunity Credit or a Lifetime Learning Credit for qualified tuition and other related expenses?