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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.
529 plans are state-sponsored qualified tuition programs that can be used for education expenses like college or tuition for private elementary and high school. The funds grow tax free.
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.
GET is a 529 prepaid tuition savings plan, while Washington's other plan, DreamAhead, is a 529 college investment plan. As with any 529 plan, account owners invest in the program on behalf of a beneficiary – typically the owner's child or grandchild – in order to prepay for expenses associated with the beneficiary attending a higher ...
The average cost of tuition and fees at four-year private colleges and universities has grown from $34,970 for the 1994-1995 school year to $58,600 for 2024-2025, according to CollegeBoard.
However, significant tax implications can come up when the beneficiary of a 529 plan is changed. Specifically, the plan’s tax-advantaged status may shift, potentially altering the benefits that ...
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