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“The account owner is usually able to change the beneficiary of the 529 plan without penalty or tax as long as they are a qualified family member.”The IRS provides rules for who is considered ...
The Tax Cuts and Jobs Act also allowed rollovers from 529 plans to ABLE accounts, as long as the ABLE account beneficiary is the original 529 beneficiary or a qualified family member. The allowed annual rollover amount is set at the standard IRS gift tax exemption, less any other contributions made in the current tax year. [17]
A 529 plan is a college savings plan that provides tax advantages when used for qualifying purposes, ... You could also use the funds for a qualified family member’s college costs, pay down some ...
A 529 plan, also called a qualified tuition plan, ... And if they’re overfunded, “these accounts can be rolled to a 529 plan for the benefit of other family members.” Pros and cons of 529 plans.
Contribute to a 529 plan. Sponsored by all states except Wyoming, a 529 plan is a savings account that goes toward qualified expenses for a family member’s education. It can be used not just for ...
A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
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