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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.
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 ...
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 ...
In addition, new changes as part of 2022’s SECURE Act 2.0 allow money in a 529 plan to be rolled over to a Roth IRA in the name of the 529’s beneficiary as long as the account has been open at ...
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 ...
“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 ...
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 ...
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
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