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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.
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.
This 'wealth transfer' to the grandkids makes things a little complicated. My wife and I saved up $73,000 in 529 college savings plans for our kids — then their grandma generously paid for ...
Here are the details on converting a 529 plan to a Roth IRA. ... The conversion requires the account to be open for at least 15 years before a conversion can be made, meaning you need to plan ...
Section 126 of the bill amends the Internal Revenue Code so that beneficiaries of 529 plans can roll over funds from their 529 accounts to Roth IRAs tax and penalty free, effective for ...
Through a 529 Rollover, the funds from a 529 plan transition into a Roth IRA, a tax-free individual retirement account. This strategy capitalizes on benefits from both types of accounts.
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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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