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A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
Starting in 2024, unused 529 funds can be rolled into a Roth IRA tax-free, ... So, in practical terms, if we take the 2024 Roth IRA contribution limit of $7,000, it means that it will take at ...
Contributions to 529 plans are considered gifts under the federal gift tax regulations and hence any contributions in excess of the annual exclusion. The annual exclusion in 2024 is $18,000 if filing single (or $90,000 over five years) or $36,000 if filing married jointly (or $180,000 over a five-year period) count against the one-time gift ...
In addition, the contribution limits can be higher for 529 plans than they would be for an IRA. ... $18,000 for 2024 – could make you liable for gift taxes. In contrast, the Roth IRA lets you ...
Unlike with 401(k) plans and other retirement savings vehicles, the IRS does not set annual contribution limits for 529 college savings plans. Instead, the states that sponsor individual 529 plans ...
“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 ...