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You can fund a 529 plan now and convert a sizable chunk of money unused for educational expenses into a Roth IRA down the road. “529 plans will provide the best benefit for college savings ...
The information you will need to open a 529 account may vary by plan. In general, though, expect to be asked for details such as Social Security number (or tax ID), date of birth, and address. You ...
Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed when the money is used for qualified educational expenses. Only 2.5 percent of all families had 529 college savings accounts in 2013.
The 529 college savings plan, however, is the more popular option and is offered in some form by all 50 states. In this case, you make contributions to an account that gives you certain tax ...
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Finally, starting in 2024, families can roll unused 529 plan funds to a Roth IRA in the beneficiary’s name without triggering income taxes or penalties.This new rule, signed into law as part of ...
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