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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 ...
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 ...
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 ...
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.
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
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.
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