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This 'wealth transfer' to the grandkids makes things a little complicated. ... A 529 plan is a tax-advantaged savings plan designed to help parents or grandparents cover the costs of their child ...
Thanks to a new law, the SECURE 2.0 Act of 2022, you can now transfer funds from your child’s 529 plan to a Roth Individual Retirement Account (Roth IRA). While 529 plans were established under ...
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.
Through a 529 Rollover, the funds from a 529 plan transition into a Roth IRA, a tax-free individual retirement account. This strategy capitalizes on benefits from both types of accounts.
The 529 plan must have been opened for at least 15 years before a conversion. Any money converted to a Roth IRA cannot exceed contributions and earnings on them in the five years prior to the ...
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“529 savings accounts are an incredible tool that provides savers with a combination of state income tax deductions, tax-deferred savings, and tax-free distributions for qualified educational ...