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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. 529-To-Roth IRA Rollovers: What You ...
The 529 education savings plan is getting a lot more interesting in 2024. Starting this year, unused money in a 529 plan can be converted into a Roth IRA, eliminating one of the major defects in ...
To take advantage of this new option, families with 529 plans must adhere to the following rules: The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover.
Key rules apply to the conversion: The 529 plan must be open for at least 15 years before it can be rolled over into a Roth IRA and there’s a $35,000 lifetime limit on rollovers. Bottom line. A ...
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). While 529 plans were established under ...
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
Beneficiaries of 529 plans will be able to roll over funds from their 529 accounts to Roth IRAs tax and penalty free. ... "A rollover option for unused savings in the 529 account allows a family ...
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 ...