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PSA: The Secure 2.0 Act now allows for rollovers from 529 Plans to Roth IRA
Posted on 1/12/23 at 3:10 pm
Posted on 1/12/23 at 3:10 pm
Pretty happy about this as we have two small kids and have been discussing how much to put in their 529s. A few key points:
- Maximum $35,000 lifetime roll over.
- Must be held in 529 for 15 years.
- Limited to the annual Roth contribution limit each year.
- Starts in 2024
LINK
- Maximum $35,000 lifetime roll over.
- Must be held in 529 for 15 years.
- Limited to the annual Roth contribution limit each year.
- Starts in 2024
LINK
2
Posted on 1/13/23 at 6:25 am to Drunken Crawfish
quote:
Maximum $35,000 lifetime roll over.
Well this is kinda bullshite, but I guess it allows me to provide this to my daughter while keeping my original plan.
I grew up dirt poor and floating loans in college really hampered me starting out. I figured I would start a 529 to augment any education expenses my daughter had. Then I would continue to contribute even after graduation and just switch the beneficiary when she had a child.
If she also contributed and continued the same approach for a couple of generations, we could build a family education fund so none of my future grand babies, great grand babies, great great and on and on, would never have to worry about education. After just a couple of iterations the money would basically replenish itself.
I know it’s kinda dumb but student debt sucked and I figured it would be a decent legacy to leave to my future family.
Posted on 1/13/23 at 7:27 am to touchdownjeebus
quote:
she also contributed and continued the same approach for a couple of generations, we could build a family education fund so none of my future grand babies, great grand babies, great great and on and on, would never have to worry about education. After just a couple of iterations the money would basically replenish itself.
All 529 plans prevent contributions when the balance gets too high. Limits vary by state and are in the mid 6 figures, but they exist. If the balance goes back below that limit, you can restart contributions.
Posted on 1/13/23 at 4:45 pm to LSUFanHouston
I didnt know this. Thank you for this information.
Posted on 1/13/23 at 8:46 pm to Drunken Crawfish
Two other points I learned at a CPE today:
1) the annual contribution limit means that the income limitation applies as well, as that’s part of the annual contribution rules.
2) it is the beneficiary, not the account owner, that can do the rollover.
1) the annual contribution limit means that the income limitation applies as well, as that’s part of the annual contribution rules.
2) it is the beneficiary, not the account owner, that can do the rollover.
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