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re: New 2024 Law | 529 rollover to Roth IRA
Posted on 12/23/22 at 4:36 pm to molsusports
Posted on 12/23/22 at 4:36 pm to molsusports
quote:
So every year you can move $6,500 from the 529 (your parents gifted to you, not something you can create for yourself) until you reach the $35k lifetime limit. But that seems to replace the $6,500 you normally would have been able to contribute per calendar year.
I have a 529 for each kid.
There is money left.
So I can move it over each year?
Sounds good.
1
Posted on 12/23/22 at 5:02 pm to makersmark1
Sounds like it. The article doesn't specify but I assume the person adding to the Roth has to have earned at least $6,500 that year but could not be over the income limit for making a Roth IRA contribution.
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