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The post How to Change the Beneficiary of Your 529 Plan appeared first on SmartReads by SmartAsset. The beneficiary of the plan is the individual designated to use the funds for educational expenses.
The owner of a 529 plan can change the beneficiary to an eligible individual easily enough by contacting the plan’s administrator. “Unused dollars for education can now fund retirement – tax ...
The maximum amount that can be rolled over into a Roth IRA from a 529 plan is $35,000 per beneficiary, per account. But, for 2024, the total contribution can’t exceed $7,000 per beneficiary ...
Image source: Getty Images. Use those excess college funds to jump-start retirement savings. The president signed the SECURE Act 2.0 into law at the end of 2022.
A 529 plan has an owner and a beneficiary, but they can be the same person. The owner chooses the beneficiary, selects the investments and determines when withdrawals will be made. The owner can ...
Finally, starting in 2024, families can roll unused 529 plan funds to a Roth IRA in the beneficiary’s name without triggering income taxes or penalties.This new rule, signed into law as part of ...
Beneficiaries of 529 plans will be able to roll over funds from their 529 accounts to Roth IRAs tax and penalty free. ... effective for distributions after December 31, 2023. The change could ...
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
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