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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.
A 529 plan is a tax-advantaged savings plan designed to help parents or grandparents cover the costs of their child’s or grandchild’s education. ... They could also change the beneficiary to ...
The beneficiary can be changed. A 529 plan gives you a lot of flexibility about who can use the plan and when, says Van Sant. ... “Parents can change the beneficiaries on a 529 plan in case the ...
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 ...
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 ...
The owner of a 529 plan can change the beneficiary to an eligible individual easily enough by contacting the plan’s administrator. “Unused dollars for education can now fund retirement – tax ...
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