Ads
related to: roth 401k yearly contribution limit 529 plan
Search results
Results from the WOW.Com Content Network
A 529 plan is a college savings plan that provides tax advantages when used for qualifying purposes, similar to a Roth IRA or 401(k), except the money is used for education rather than retirement ...
The maximum amount that can be rolled over into a Roth IRA from a 529 plan is $35,000 per beneficiary, per account. But, for 2024, the total contribution can’t exceed $7,000 per beneficiary ...
And beneficiaries can rollover a maximum of $35,000 during their lifetime from any 529 account in their name to their Roth IRA — subject to Roth IRA annual contribution limits.
The 529 funds you roll over count toward your IRA annual contribution limit. You can move a maximum of $35,000 from a 529 plan to a Roth IRA during your lifetime.
The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged accounts such as 401(k)s and Roth IRAs, though some limits do exist.
Annual 529-to-Roth transfers are limited to the lesser of the annual Roth IRA contribution limit ($7,000 in 2024 for adults under 50) or the recipient's actual earnings during that year. Also, any ...
Ads
related to: roth 401k yearly contribution limit 529 plan