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2. Worried About Excess Funds in a 529 Plan? This Rule Could ...

   www.aol.com/worried-excess-funds-529-plan...

   Furthering our above example, if you have $35,000 in unused funds in a 529 account, that would cost you $3,500 in penalties before even considering the taxes. If you're in the 12% or 22% tax ...

3. The ‘grandparent loophole’ is putting much-needed money back ...

   www.aol.com/finance/grandparent-loophole-putting...

   Previously, distributions from a grandparent-owned 529 plan had to be reported as untaxed student income, which could reduce financial aid eligibility by as much as 50% of the withdrawal amount.

4. 4 Common 529 Plan Myths You Need to Know - AOL

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   Here are four common 529 plan myths you shouldn't buy into. A person wearing a backpack. Image source: Getty Images. 1. Your money can only be used for four-year college. You can absolutely use a ...

5. New bill allows unused 529 college funds to become a ...

   www.aol.com/finance/bill-allows-unused-529...

   Nestled in the $1.7 trillion spending bill passed last week is a nugget of good news for Americans with unused funds in their 529 plans that help families save for college. Section 126 of the bill ...

6. You can now move any money left over in your 529 college ...

   www.aol.com/finance/now-move-money-left-over...

   The maximum amount that can be rolled over into a Roth IRA from a 529 plan is $35,000 per beneficiary, per account. But, for 2024, the total contribution can’t exceed $7,000 per beneficiary ...

7. Why Unused 529 Plan Funds Might No Longer Be a Concern With ...

   www.aol.com/finance/why-unused-529-plan-funds...

   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 ...

8. What to Know About the 529 Grandparent Loophole

   www.aol.com/finance/know-529-grandparent...

   Continue reading → The post How the 529 Grandparent Loophole Works appeared first on SmartAsset Blog. A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax ...

9. 529 plan vs. Roth IRA: Here’s how families can use both to ...

   www.aol.com/finance/529-plan-vs-roth-ira...

   In contrast, the Roth IRA lets you put away $7,000 (for 2024) for those under age 50, while those over 50 can save an additional $1,000 a year. The 529 plan can also be a useful vehicle for ...