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The Tax Cuts and Jobs Act also allowed rollovers from 529 plans to ABLE accounts, as long as the ABLE account beneficiary is the original 529 beneficiary or a qualified family member. The allowed annual rollover amount is set at the standard IRS gift tax exemption, less any other contributions made in the current tax year. [17]
“The account owner is usually able to change the beneficiary of the 529 plan without penalty or tax as long as they are a qualified family member.”The IRS provides rules for who is considered ...
A 529 plan, also called a qualified tuition plan, ... And if they’re overfunded, “these accounts can be rolled to a 529 plan for the benefit of other family members.” Pros and cons of 529 plans.
The 529 Plan is a tax-advantaged savings plan designed to encourage saving for future education costs. The beneficiary of the plan is the individual designated to use the funds for educational ...
A 529 plan is a college savings plan that provides tax advantages when used for qualifying purposes, similar to a Roth IRA or 401(k), except the money is used for education rather than retirement.
It's important to know exactly how 529 plans work.
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