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The post How to Change the Beneficiary of Your 529 Plan appeared first on SmartReads by SmartAsset. The beneficiary of the plan is the individual designated to use the funds for educational expenses.
As of 2024, you may be allowed to roll over up to $35,000 in unused funds from your 529 plan into a Roth IRA account for the beneficiary — the idea being that these unused funds can help ...
Excess 529 plan contributions can now take on a whole new purpose besides education costs that could prove even more valuable to the beneficiary.
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 ...
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 ...
Dynasty 529 plans allow families to fund multiple generations’ college costs from a single account. Regular 529 college savings plans offer unique benefits. These can be powerfully leveraged ...
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
It's important to know exactly how 529 plans work.
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