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The 529 funds you roll over count toward your IRA annual contribution limit. You can move a maximum of $35,000 from a 529 plan to a Roth IRA during your lifetime.
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 ...
Annual 529-to-Roth transfers are limited to the lesser of the annual Roth IRA contribution limit ($7,000 in 2024 for adults under 50) or the recipient's actual earnings during that year. Also, any ...
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 ...
A 529 plan is a college savings plan that provides tax advantages when used for qualifying purposes, similar to a Roth IRA or 401(k), except the money is used for education rather than retirement ...
Annual contribution limit. $7,000 ($8,000 if age 50 or older) ... Penalty-free uses of invested funds. Retirement savings, ... Converting a Roth IRA to a 529 requires you to withdraw money from ...
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