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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.
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 ...
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.
Finally, starting in 2024, families can roll unused 529 plan funds to a Roth IRA in the beneficiary’s name without triggering income taxes or penalties.This new rule, signed into law as part of ...
It’s good news for the 529’s users, but they’ll need to know the fine print of the process. ... Any leftover money in a 529 plan can be used to help a child get a good start on tax-free ...
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Nestled in the $1.7 trillion spending bill passed last week is a nugget of good news for Americans with unused funds in their 529 plans that help families save for college. ... Although you can ...
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