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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.
Section 126 of the bill amends the Internal Revenue Code so that beneficiaries of 529 plans can roll over funds from their 529 accounts to Roth IRAs tax and penalty free, effective for ...
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 ...
Beneficiaries of 529 college savings accounts would be permitted to rollover up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA. These rollovers are also subject to Roth IRA annual contribution limits, and the 529 account must have been open for more than 15 years. [18]
Key rules apply to the conversion: The 529 plan must be open for at least 15 years before it can be rolled over into a Roth IRA and there’s a $35,000 lifetime limit on rollovers. Bottom line. A ...
The funds grow tax-deferred and can be withdrawn tax-free up to certain limits if they’re used for qualified K-12 or post-secondary education expenses, as defined by the IRS. ... into a Roth IRA ...
If the 529 account has more money than the beneficiary needs, and you don’t have another beneficiary for the account, you can roll over up to $35,000 into a Roth IRA for the beneficiary. The 529 ...
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 ...
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