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Many states limit contributions on 529 plans after account balances reach a certain amount. For example, the maximum account balance in New York is $520,000 . Restrictions to new rollover option
State. Tax Treatment of 529 Plan Contributions. California. No deduction or credit. Illinois. Maximum deduction of $10,000 ($20,000 for married joint filers) per year
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.
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
The 529 college savings plan is one of many financing options you may have heard about or investigated on your own. ... Using 529 Plans. Qualified Education Expenses. ... Annual contribution ...
“Beyond this, starting Jan. 1, 2024, up to $35,000 in unused 529 funds can be rolled over to a Roth IRA for the 529 plan beneficiary subject to annual Roth IRA contribution limits and other ...
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