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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.
Now a 529 plan can be used to pay off up to $10,000 in the beneficiary’s student loans as well as up to an additional $10,000 in student loans for each of the beneficiary’s siblings. 8. A 529 ...
Fortunately, parents of multiple children can change the beneficiary of a 529 plan. 529 college savings plans are powerful tools to help pay for the mounting costs of an education. You can use 529 ...
In addition, new changes as part of 2022’s SECURE Act 2.0 allow money in a 529 plan to be rolled over to a Roth IRA in the name of the 529’s beneficiary as long as the account has been open at ...
Be especially careful about changing beneficiaries on your 529 plan until the IRS rules on this point. In the meantime, you can leave the money in the 529 plan. And if you want to help the ...
The owner can also change the beneficiary at any time, without the beneficiary’s approval. This can open up various strategic options for a 529 plan that you might want to discuss further with ...
In addition, one recent legal change offers a huge boon to those who’ve saved via 529 plans. The SECURE Act 2.0 allows those with a 529 plan to roll over money there into a Roth IRA , subject to ...
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.
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