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If your state doesn't have good 529 options... find better options. Also consider state tax benefits, or lack thereof. For federal income tax purposes, 529 contributions are made with after-tax ...
To take advantage of this new option, families with 529 plans must adhere to the following rules: The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover.
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
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.
That law also permits 529 plans to be used for qualified apprenticeship expenses. Bottom line A 529 college savings plan offers one of the best vehicles to save for a child’s educational costs ...
In the case of 529 plans, money withdrawn from the plan is not subject to taxes when used for such qualified education expenses as room and board, tuition, fees and books.
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