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Reasons to Change Your 529 Plan Beneficiary. A 529 plan, named after Section 529 of the Internal Revenue Code, is a tax-advantaged savings plan designed to encourage saving for future education costs.
The tax advantages that come with a 529 plan can save your family lots of ... you can change the beneficiary at any time without penalty. ... as your needs change. Watch out for gift-tax consequences.
Tax Benefits of 529 Plans. Beneficiaries reap the largest tax benefits of 529 plans. ... Take Advantage of Gift Tax Exemptions. Contributions to a 529 plan receive a special exemption from the ...
The Tax Cuts and Jobs Act also allowed rollovers from 529 plans to ABLE accounts, as long as the ABLE account beneficiary is the original 529 beneficiary or a qualified family member. The allowed annual rollover amount is set at the standard IRS gift tax exemption, less any other contributions made in the current tax year. [17]
Then you can use the funds to open a 529 account, tax-free and penalty-free. ... anything you contribute in excess of $18,000 a year will count against your lifetime gift tax exemption amount ...
A 529 plan has an owner and a beneficiary, but they can be the same person. The owner chooses the beneficiary, selects the investments and determines when withdrawals will be made.
“Beyond this, starting Jan. 1, 2024, up to $35,000 in unused 529 funds can be rolled over to a Roth IRA for the 529 plan beneficiary subject to annual Roth IRA contribution limits and other ...
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