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Here are the details on converting a 529 plan to a Roth IRA. ... “Unused dollars for education can now fund retirement – tax-free,” says Yeomans. Pros and cons of converting a 529 to a Roth IRA
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.
The 529 to Roth IRA transfer opportunity. ... 2.0 Act of 2022, unused 529 funds can be transferred to the 529 beneficiary’s Roth IRA account. This is typically tax-free, within a certain limit ...
One of the most significant was the 529-to-Roth IRA conversion option, which has gone into effect this year. Essentially, it lets families transfer unused 529 plan funds into a Roth IRA .
The Roth IRA receiving the funds must be in the name of the 529 plan beneficiary. The 529 plan must be open for at least 15 years. You cannot convert 529 contributions made within the past five years (or the earnings on those contributions). The 529 funds you roll over count toward your IRA annual contribution limit. You can move a maximum of ...
The Roth IRA option . 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 ...
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