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Key takeaways. Both a Roth IRA and a 529 Plan are valid ways to save for a college education. Each has unique benefits and limitations. Starting in 2024, unused funds in a 529 account may be ...
With a 529 plan, you can withdraw both your contributions and any investment earnings tax-free and penalty-free, as long as the money is used for educational expenses. With a Roth IRA, you can ...
You can fund a 529 plan now and convert a sizable chunk of money unused for educational expenses into a Roth IRA down the road. “529 plans will provide the best benefit for college savings ...
If the account has been open for at least 15 years, the money can be rolled into a Roth IRA for the beneficiary, up to $35,000 in a lifetime. This provision took effect in 2024. This provision ...
With CollegeBoard reporting rising full-time undergraduate tuition rates for the 2024-2025 school year, college expenses can clearly challenge any budget. That makes it worth looking for ways to ...
An advisor can help you calculate future college expenses based on your goals and budget, factoring in inflation and any potential financial aid or scholarships your child might receive.
They're not tax-deductible, but the money in the account grows tax-free and can be used for not just college, but primary and secondary education expenses, too. You can contribute up to $2,000 a ...
529 plans can be used for many college-associated expenses other than tuition.
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