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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.
Thanks to a new law, the SECURE 2.0 Act of 2022, you can now transfer funds from your child’s 529 plan to a Roth Individual Retirement Account (Roth IRA).
Can jumpstart a child’s retirement savings: Any leftover money in a 529 plan can be used to help a child get a good start on tax-free retirement savings. Cons of converting a 529.
There are three major restrictions on 529 plans outlined in Prudential’s Winning the College Savings Race:. You can only change plan investments twice per year. Although you can transfer between ...
Now, unused money in a 529 plan can be converted into a Roth IRA. The rule allows beneficiaries to convert a lifetime total of $35,000 from a 529 plan to a Roth IRA without incurring taxes or ...
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 ...
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Excess 529 plan contributions can now take on a whole new purpose besides education costs that could prove even more valuable to the beneficiary.
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