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Thanks to a new law, the SECURE 2.0 Act of 2022, you can now transfer funds from your child’s 529 plan to a Roth Individual Retirement Account (Roth IRA). While 529 plans were established under ...
"A rollover option for unused savings in the 529 account allows a family to better utilize the investment opportunity without the fear of being penalized for leftover funds should a child decide ...
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.
Can jumpstart a child’s retirement savings: Any leftover money in a 529 plan can be used to help a child get a good start on tax-free retirement savings. Cons of converting a 529. Cannot be ...
Owners of 529 college savings plans got a potentially lucrative boost from the $1.7 trillion omnibus spending bill that passed in late December, thanks to a measure that allows unused money in the...
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.