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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
Excess 529 plan contributions can now take on a whole new ... The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover. ... Roth IRA contribution limit ($7,000 in ...
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 ...
Contributions to 529 plans are considered gifts under the federal gift tax regulations and hence any contributions in excess of the annual exclusion. The annual exclusion in 2024 is $18,000 if filing single (or $90,000 over five years) or $36,000 if filing married jointly (or $180,000 over a five-year period) count against the one-time gift ...
The 529 plan must be open for at least 15 years. You cannot convert 529 contributions made within the past five years (or the earnings on those contributions). The 529 funds you roll over count ...
My wife and I saved up $73,000 in 529 college savings plans for our kids — then their grandma generously paid for everything. ... the Roth IRA annual contribution limit for 2025 is $7,000, so ...
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