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Now, grandparents, or other family members and friends, can gift money to a student without hurting the student’s eligibility for financial aid. Maximizing the benefits of the 529
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 ...
The funds must be transferred directly and can’t come from contributions made to the 529 plan in the past five years. The maximum amount that can be rolled over into a Roth IRA from a 529 plan ...
State and federal tax benefits make a 529 college savings account one of the more strategic ways to save money for college. But savers should be aware: Upcoming changes to the Free Application for ...
Continue reading → The post How the 529 Grandparent Loophole Works appeared first on SmartAsset Blog. A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax ...
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
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