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A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
529 Plan Tax Status: tax-deferred growth tax-free distributions tax-deductible contributions (varies by state) tax-deferred growth tax-free distributions Contributions: $2,000 limit per year per plan $500,000 to $235,000 per beneficiary (varies by state) [8] Distributions: qualified K-12 and post-secondary expenses
Annual 529-to-Roth transfers are limited to the lesser of the annual Roth IRA contribution limit ($7,000 in 2024 for adults under 50) or the recipient's actual earnings during that year.
You live in a state that doesn’t offer additional tax benefits for 529 plan contributions. ... If you exceed the $2,000 annual contribution limit or put money in the account after your child ...
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
Scholarshare is the California State 529 plan, a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses of a designated beneficiary. [ 1 ] Notes
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