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The 529 education savings plan is getting a lot more interesting in 2024. Starting this year, unused money in a 529 plan can be converted into a Roth IRA, eliminating one of the major defects in ...
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.
One of the most significant was the 529-to-Roth IRA conversion option, which has gone into effect this year. ... their 529 plan that year. This last rule also means you will likely have to do 529 ...
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 ...
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
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