Post by redheadbaker on Feb 16, 2024 13:05:10 GMT -5
I know this has come up before in discussions about saving for college.
Under SECURE 2.0, up to $35,000 in a 529 account to be rolled over to a Roth individual retirement account for the beneficiary of the 529 account if certain conditions are met (the 529 account must have been open for at least 15 years, and no contributions or earnings from the past five years can be transferred. Up to $35,000 can be transferred in total — but transfers are limited to the maximum annual Roth contribution, which in 2024 is $7,000 for people younger than 50).
Thanks for posting. We have decent money in the 529, but you never know if a kid is going to decide not to go to college, drop out, go some other route. And while the other kid could still use it, it is nice to have additional options.
Post by midwestmama on Feb 16, 2024 15:56:23 GMT -5
I have actually worried a bit about what to do with the money (without having to take a penalty) should one or both of my kids decide not to go to college. I like the thought of being able to give them each what we had saved for them, and it be used for higher education, trade school, or future retirement.