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Starting in 2024, a specified amount of unspent funds can be transferred to a Roth IRA. An education IRA is a tax-advantaged investment account for higher education, now more formally known as a Coverdell Educational Savings Account (ESA).
Can ESA assets be moved to another ESA? to another ESA for the same child or an eligible family member of the child. There is no time limit for executing a transfer, but rollovers between ESAs must be completed within 60 days. Keep in mind that only one rollover is permitted every 12 months.
You can change the beneficiary on the account to another member of the original beneficiarys family who is under age 30. The IRS broadly defines the term family member to include everyone from siblings and parents to stepsiblings and in-laws.
May ESA assets be transferred or rolled over to the designated beneficiarys Traditional IRA, Roth IRA, or a qualified tuition program (QTP), or vice versa? The responsible individual may not move ESA assets to or from a Traditional or Roth IRA.