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Can you roll a 529 into something else?

Can a 529 plan be rolled over? Yes, you can roll over 529 plans to another 529 in another state, with the same beneficiary or a different beneficiary.

What is the difference between a 529 rollover and transfer?

A 529 roller is not the same as a transfer, though they can serve similar purposes. A rollover moves money from one 529 account into another. However, a 529 transfer is a change in beneficiary. Both are easy to do, but individuals may prefer one over another.

Are rollovers from 529 tuition savings plans to able accounts permitted?

A: Yes, 529 account funds can be rolled into an ABLE account without incurring any tax or penalty. The funds rolled over from the 529 plan are subject to the annual contribution limit of $18,000 into an ABLE account. The rollover may originate from any states 529 plan.

How do I rollover my 529 plan?

The 529 plan account owner must indicate that the contribution to the new 529 plan is a rollover contribution, and they must provide a breakdown of the contributions and earnings being rolled over. The rollover contribution can be completed with the enrollment application for the new 529 plan.

What are the new 529 rollover rules?

One feature of the 2022 legislation that received a docHub amount of attention was a provision allowing for tax-free rollovers from Section 529 accounts to Roth IRAs. Starting in 2024, beneficiaries of 529 college savings accounts are permitted to do a tax-free rollover to a Roth IRA.

What are the limitations on 529 rollovers?

It works like this: Starting in 2024, you can roll unused 529 assetsup to a lifetime limit of $35,000into the account beneficiarys Roth IRA, without incurring the usual 10% penalty for nonqualified withdrawals or generating any taxable income.

Is there a 60 day rollover rule for 529 plans?

Sections 529(c)(3)(C)(i)(I) and (II) permit a tax-free rollover of a distribution from a QTP, made within 60 days of the distribution, to another QTP for the benefit of either the same designated beneficiary or another designated beneficiary who is a member of the family of the original designated beneficiary.

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Can you roll a 529 into something else?

What is the difference between a 529 rollover and transfer?

Are rollovers from 529 tuition savings plans to able accounts permitted?

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What are the new 529 rollover rules?

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What are the limitations on 529 rollovers?

Is there a 60 day rollover rule for 529 plans?

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Got questions?

Can you roll a 529 into something else?

What is the difference between a 529 rollover and transfer?

Are rollovers from 529 tuition savings plans to able accounts permitted?

How do I rollover my 529 plan?

What are the new 529 rollover rules?

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What are the limitations on 529 rollovers?

Is there a 60 day rollover rule for 529 plans?

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