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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 ...
Starting in 2024, unused funds in a 529 account may be converted into a Roth IRA if the investor so chooses, though there are pros and cons. ... though earnings may be taxed as income. Yes – tax ...
) The Roth IRA allows you to contribute a maximum each year – $7,000 in 2024 – and an extra $1,000 catch-up contribution for those 50 and older. The Roth is especially flexible because of how ...
Paying college expenses directly from a 529 account may reduce eligibility for the American Opportunity Tax Credit, due to IRS coordination restrictions. To claim the full credit (in addition to meeting other criteria, such as income limits), $4,000 of college tuition and textbook expenses per year should be paid from non-529 plan funds. [26]
For tax year 2024, you can save as much as $23,000 in your 401(k), with that amount increasing to $23,500 for tax year 2025. ... expected long-term expenses, age and contribution limits ...
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.
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