Can you roll money from a 529 College Savings Plan into a Roth IRA
Yes, starting in 2024, you can roll over funds from a 529 College Savings Plan into a Roth IRA under certain conditions, as per the SECURE 2.0 Act. Here are the key points to consider: 1. **Lifetime Limit**: The total amount that can be rolled over from a 529 plan to a Roth IRA is capped at $35,000 per beneficiary. 2. **Account Age Requirement**: The 529 plan must have been open for at least 15 years before you can initiate a rollover to a Roth IRA. 3. **Contribution Age Restriction**: Contributions and earnings from the last five years are not eligible for rollover. 4. **Annual Contribution Limits**: The rollover amount is subject to the annual Roth IRA contribution limits. For 2023, the limit is $6,500 ($7,500 if age 50 or older), but this may change in subsequent years. 5. **Beneficiary Requirement**: The Roth IRA must be in the name of the 529 plan beneficiary. If you change the beneficiary, the 15-year rule resets. 6. **Income Limits**: The rollover is not subject to the Roth IRA income limits, which means it can be beneficial for high-income individuals who might otherwise be ineligible to contribute to a Roth IRA. This new provision provides flexibility for families who have leftover funds in a 529 plan, allowing them to continue benefiting from tax-advantaged growth. Always consult with a
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