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Reasons to Change Your 529 Plan Beneficiary. A 529 plan, named after Section 529 of the Internal Revenue Code, is a tax-advantaged savings plan designed to encourage saving for future education costs.
Or, they could leave the money in the 529 plans for grad school or further education. They could also change the beneficiary to their grandchildren, but there may be a generation-skipping transfer ...
Be especially careful about changing beneficiaries on your 529 plan until the IRS rules on this point. In the meantime, you can leave the money in the 529 plan. And if you want to help the ...
Fortunately, parents of multiple children can change the beneficiary of a 529 plan. 529 college savings plans are powerful tools to help pay for the mounting costs of an education. You can use 529 ...
Thanks to new rules set out in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022, unused 529 funds can be transferred to the 529 beneficiary’s Roth IRA account.
The owner of a 529 plan can change the beneficiary to an eligible individual easily enough by contacting the plan’s administrator. “Unused dollars for education can now fund retirement – tax ...
Continue reading → The post How the 529 Grandparent Loophole Works appeared first on SmartAsset Blog. These accounts are so powerful, in fact, that many grandparents choose to open them for ...
With a 529 plan, the IRS allows you to contribute up to $90,000 ($180,000 for married joint filers) per beneficiary and pro-rate it over five years, so that it’s treated as five consecutive ...
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