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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. ... For example, the maximum account balance in New York is $520,000.
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.
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings. ... Image source: Getty Images. ... For example, if you have $20,000 you'd like to roll over, but $8,000 of ...
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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.