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Important 529 plan rules to know. Since 529 college savings plans provide tax incentives, the IRS writes strict rules to ensure they aren’t being taken advantage of. While contributing to a 529 ...
It's important to know exactly how 529 plans work. Home & Garden. Lighter Side
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Key rules apply to the conversion: The 529 plan must be open for at least 15 years before it can be rolled over into a Roth IRA and there’s a $35,000 lifetime limit on rollovers.
A 529 plan allows a participant to set up a tax-advantaged account to allow a beneficiary to use the funds for qualified education expenses. The participant deposits after-tax money in the account.
The 529-plan-to-Roth-IRA rules say that you have to have had the 529 account for at least 15 years, and you can only convert funds that have been in the 529 account for at least five years.
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