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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.
Thanks to new rules set out in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022, unused 529 funds can be transferred to the 529 beneficiary’s Roth IRA account.
Owners of 529 college savings plans got a potentially lucrative boost from the $1.7 trillion omnibus spending bill that passed in late December, thanks to a measure that allows unused money in the...
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an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 ...
The day you’ve been waiting for has finally arrived: You’re ready to use the money from your 529 college savings plan. OK, so maybe it’s not exactly up there with “wedding” or “birth ...
Fitzgerald was born in Marshalltown, Iowa, in 1951. He graduated from Colo Community High School in 1970 and received his bachelor's degree in business administration from the University of Iowa in 1974. Fitzgerald worked as a marketing analyst for Massey Ferguson in Des Moines for eight years before being elected State Treasurer of Iowa in ...
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A 529 saving plan is well-known for its ability to help parents and students deal with the cost of education. While it was originally set up as a way to pay for the spiraling costs of college, the ...