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The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover. And funds deposited in the last five years and their associated interest are not eligible for this transfer.
Although you can transfer between different states’ 529 plans, you can only do it once in any 12-month period. Many states limit contributions on 529 plans after account balances reach a certain ...
A 529 Rollover to a Roth IRA is a financial strategy where an individual transfers funds from a 529 college savings plan, designed to pay for educational expenses, into a Roth IRA. This is a ...
The 529 plan for the state in which one is domiciled may have higher fees (expense ratios) – which are not required to be disclosed in marketing materials and can range from under 0.4% to more than 1.1% – than the plans of other states. For example, a 529 plan in which $2,000 is deposited each year for 18 years would accumulate over $4,000 ...
Many states provide a tax deduction or tax credit for residents using an in-state 529 plan. A 529 plan has an owner and a beneficiary, but they can be the same person.
It's important to know exactly how 529 plans work.
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