I curious why you have more than one account for the same beneficiary in the same state? Are there separate account owners, meaning you have one and your spouse/parent/child are the account owner of the second?
If you have multiple accounts for the same beneficiary in the same state, you'll need to check with the plan. While you should be able to make two allocation changes per year, per 529 account, there could be unique issues with the account administration or state law preventing you from making changes where there are multiple accounts with the same owner/bene combination. This is because the law that made permanent the twice per year reallocation was worded as follows:
Because the legislation points at the program level, not account level, it's possible that a plan could restrict your reallocation if they're being ultra-conservative. I don't think you'll have any problems, but definitely best to give them a quick call to make sure.
Brian Boswell VP, Research & Development
This information does not constitute tax advice and is provided for informational purposes only. Please consult your tax advisor, financial advisor, local taxing authority, and/or plan provider or sponsor for more information.