Yes. You can complete a rollover form to transfer assets from another 529 plan and gain the benefits of the Alabama state income tax deduction. A same-beneficiary rollover/transfer is allowed once in a 12-month period. Additional transfers are allowed but require a change of beneficiary. There may be potential adverse tax consequences if the transfer or rollover is not a qualified rollover. For additional information see the Tax Q&A. Investors should consult with a tax advisor.

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