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As of 2024, you may be allowed to roll over up to $35,000 in unused funds from your 529 plan into a Roth IRA account for the beneficiary — the idea being that these unused funds can help ...
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.
A 529 plan is something like a Roth IRA or 401(k) plan designed for educational savings. Contributions are not federally tax-deductible, but earnings grow tax-free, and distributions for ...
The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover. And funds deposited in the last five years and their associated interest are not eligible for this transfer.
Section 126 of the bill amends the Internal Revenue Code so that beneficiaries of 529 plans can roll over funds from their 529 accounts to Roth IRAs tax and penalty free, effective for ...
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.
You can typically withdraw funds from a 529 plan to pay for educational supplies like computers and books, plus room and board at college. You can even use a 529 plan to pay up to $10,000 in ...
After years of investing in your children’s college education, you’re ready to reach into your 529 college savings plan and send your kid off to the best years of his or her life. But while ...