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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.
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 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 ...
“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 ...
Excess 529 plan contributions can now take on a whole new purpose besides education costs that could prove even more valuable to the beneficiary.
The owner of a 529 plan can change the beneficiary to an eligible individual easily enough by contacting the plan’s administrator. “Unused dollars for education can now fund retirement – tax ...
The plan is available for both in-state and out-of-state savers, and it offers up $4,000 in state tax deductions per beneficiary for Ohio residents. New York’s 529 plan, Direct Plan
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
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