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Here are the details on converting a 529 plan to a Roth IRA. ... a few key rules, including: Conversions in a given year are limited to that year’s IRA contribution limit. The 529 plan must have ...
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. Starting in 2024, unused 529 funds ...
However, individuals age 59 1/2 and older are not subject to the early withdrawal penalty even if they do not meet the five-year rule on conversions. A conversion may affect government programs
The funds must be transferred directly and can’t come from contributions made to the 529 plan in the past five years. The maximum amount that can be rolled over into a Roth IRA from a 529 plan ...
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 ...
Annual 529-to-Roth transfers are limited to the lesser of the annual Roth IRA contribution limit ($7,000 in 2024 for adults under 50) or the recipient's actual earnings during that year.
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
In contrast, the Roth IRA lets you put away $7,000 (for 2024) for those under age 50, while those over 50 can save an additional $1,000 a year. The 529 plan can also be a useful vehicle for ...
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