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The maximum lifetime rollover amount from a 529 plan to a Roth IRA is $35,000. Bottom line There’s still time to make money moves now that help keep more money in your pocket at tax time.
The eligible rollover amount must have been in the 529 account for at least five years prior to the rollover date. The funds must be rolled over to a Roth IRA owned by the 529 account beneficiary.
Of the funds in your IRA, 95% are tax-deferred, so when you make a $5,000 distribution to roll over to a Roth IRA, you'll owe tax on 95% of that $5,000, or $4,750. That's on top of paying taxes on ...
Roll over another account, like a traditional IRA or 401(k). ... In 2024, the maximum amount you’re allowed to contribute to a Roth IRA is $7,000. If you’re 50 and older, you’re eligible for ...
The maximum amount allowed as an IRA contribution was $1,500 from 1975 to 1981, $2,000 from 1982 to 2001, $3,000 from 2002 to 2004, $4,000 from 2005 to 2007, $5,000 from 2008 to 2012, $5,500 from 2013 to 2018, and $6,000 from 2019 to 2022. In tax year 2023, the maximum amount allowed is $6,500. Beginning in tax year 2024, the limit is $7,000. [11]
Key rules apply to the conversion: The 529 plan must be open for at least 15 years before it can be rolled over into a Roth IRA and there’s a $35,000 lifetime limit on rollovers. Bottom line
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