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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.
If you have more than $35,000 left in the account after paying for the beneficiary's schooling and doing the Roth IRA transfer, you can either choose to withdraw the remaining funds with a penalty ...
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.
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 ...
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.
Unused funds in a 529 plan can now be used to jump-start a child's retirement savings.
“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 ...
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