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Essentially, it lets families transfer unused 529 plan funds into a Roth IRA. It's a great way to jump-start retirement savings while also saving yourself from a costly tax penalty.
The 529 education savings plan is getting a lot more interesting in 2024. Starting this year, unused money in a 529 plan can be converted into a Roth IRA, eliminating one of the major defects in ...
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.
Section 126 of the bill amends the Internal Revenue Code so that beneficiaries of 529 plans can roll over funds from their 529 accounts to Roth IRAs tax and penalty free, effective for ...
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.
Beginning in 2024, money in a 529 savings plan can be rolled over into a Roth 401(k) for the beneficiary without a tax penalty if that money isn't needed for education. The rules are very specific.
Using a 529 plan to save for a child's education comes with a lot of advantages. All earnings generated by the after-tax investments are tax-free for qualified educational expenses, multiple plans ...
529 plans vs. IRAs. A 529 plan is a tax-advantaged investment account that lets you save for education expenses. One giant advantage of 529 plans is that contributions grow tax-free. Once you’re ...