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Thanks to a new law, the SECURE 2.0 Act of 2022, you can now transfer funds from your child’s 529 plan to a Roth Individual Retirement Account (Roth IRA). While 529 plans were established under ...
The 529 education savings plan is getting a lot more interesting in 2024. Starting this year, unused money in a 529 plan can be converted into a Roth IRA, eliminating one of the major defects in ...
As of 2024, you may be allowed to roll over up to $35,000 in unused funds from your 529 plan into a Roth IRA account for the beneficiary — the idea being that these unused funds can help ...
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. Starting in 2024, unused 529 funds ...
This can leave leftover money in the 529 account that needs to be moved in order to use on non-education expenses. To lower fees: Fees in a Roth IRA are generally much lower than fees in a 529 ...
Beneficiaries of 529 plans will be able to roll over funds from their 529 accounts to Roth IRAs tax and penalty free. ... “529 plans fall short due to concerns that money left over could sit ...
The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover. And funds deposited in the last five years and their associated interest are not eligible for this transfer.
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
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