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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.
The tax advantages that come with a 529 plan can save your family lots of ... you can change the beneficiary at any time without penalty. ... as your needs change. Watch out for gift-tax consequences.
State. Tax Treatment of 529 Plan Contributions. California. No deduction or credit. Illinois. Maximum deduction of $10,000 ($20,000 for married joint filers) per year
“Beyond this, starting Jan. 1, 2024, up to $35,000 in unused 529 funds can be rolled over to a Roth IRA for the 529 plan beneficiary subject to annual Roth IRA contribution limits and other ...
A 529 plan has an owner and a beneficiary, but they can be the same person. The owner chooses the beneficiary, selects the investments and determines when withdrawals will be made.
You can contribute up to $18,000, or $36,000 if filing jointly, per beneficiary to a 529 plan in 2024 without having to file a gift tax return. Other contribution rules apply, too, based on the state.
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A 529 plan gives you a tax-advantaged way to save for education. You can stash money on an after-tax basis and then grow it tax-free. ... “Parents can change the beneficiaries on a 529 plan in ...
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