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Before using a Roth IRA plan for a college education, you may also want to consider a 529 college savings plan. A 529 plan is a type of investment account specifically designed for a college ...
Daniel Goodman, a certified financial planner and founder of Good Better Best Financial Planning, says a custodial Roth IRA can be beneficial because it gives kids hands-on experience saving and ...
There are some situations where it might make more sense to use a Roth IRA for your child’s college fund. Both Roth IRAs and 529 plans are funded with after-tax dollars — you pay tax on your ...
Here are the pros and cons of using a 529 or a Roth IRA to pay for college. ... “Roth IRA accounts have the same taxable benefits as a 529 account,” says Matt Boelter, senior director of ...
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 ...
In addition, new changes as part of 2022’s SECURE Act 2.0 allow money in a 529 plan to be rolled over to a Roth IRA in the name of the 529’s beneficiary as long as the account has been open at ...
How a custodial Roth IRA works. A Roth IRA is a tax-advantaged account that comes with many benefits, such as tax-free income during retirement and the ability to withdraw funds for college ...
There are a myriad of options that parents can use to help save money for their kids, from 529 plans to custodial accounts to basic savings accounts. But, if you're looking to engage your children ...
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