Search results
Results from the WOW.Com Content Network
Starting in 2024, unused 529 funds can be rolled into a Roth IRA tax-free, thanks to the SECURE 2.0 Act, giving families more flexibility with college savings.
Thanks to new rules set out in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022, unused 529 funds can be transferred to the 529 beneficiary’s Roth IRA account.
Owners of 529 college savings plans got a potentially lucrative boost from the $1.7 trillion omnibus spending bill that passed in late December, thanks to a measure that allows unused money in the...
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
The act also permits a 529 to pay up to $10,000 in student loans for each of a beneficiary’s siblings. So the act massively expanded the 529’s ability to pay down college costs even after the ...
Get breaking news and the latest headlines on business, entertainment, politics, world news, tech, sports, videos and much more from AOL
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
One of the most popular ways is by using 529 plans: tax-favored college savings programs sponsored by state governments that let your money grow tax-free as long as you use it for higher education ...