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Previously, distributions from a grandparent-owned 529 plan had to be reported as untaxed student income, which could reduce financial aid eligibility by as much as 50% of the withdrawal amount.
Named after Section 529 of the Internal Revenue Code, a 529 can even be used for student loan repayment (up to $10,000) under the SECURE Act of 2019. How a 529 works
A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax benefits. ... In the past, there … Continue reading → The post How the 529 Grandparent Loophole ...
The 529 plan was expanded further in 2019 with the passage of the SECURE Act. Now a 529 plan can be used to pay off up ... Starting in 2024, a 529 plan can be rolled over into a Roth IRA for the ...
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
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 ...
Thanks to new rules set out in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022, unused 529 funds can be transferred to the 529 beneficiary’s Roth IRA account.
Nestled in the $1.7 trillion spending bill passed last week is a nugget of good news for Americans with unused funds in their 529 plans that help families save for college.