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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 this year, you can now roll over unused 529 funds to a Roth IRA. But don’t think the 529 rollover is a loophole to save extra for retirement; there are rules that limit the conversions.
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.
The maximum amount that can be rolled over into a Roth IRA from a 529 plan is $35,000 per beneficiary, per account. But, for 2024, the total contribution can’t exceed $7,000 per beneficiary ...
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
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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