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A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
There’s a $35,000 lifetime limit on the rollover, though you cannot exceed the annual IRA limit, which is $7,000 in 2024. How to use a 529 plan for multiple children
Beneficiaries of 529 college savings accounts would be permitted to rollover up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA. These rollovers are also subject to Roth IRA annual contribution limits, and the 529 account must have been open for more than 15 years. [18]
But the rollover must come from a 529 account that has been open for at least 15 years and the funds cannot exceed the Roth IRA's annual contribution limits. What is the 15-year rule for 529 plans?
The annual revenue lost to the IRS is small at about $100 million per year, or roughly less than 10 times less than the revenue loss generated by 529 plans. [10] ESAs also reduce federal government expenditures since savings assets such as Coverdell accounts typically lower the amount of financial aid a student is eligible to receive. [ 11 ]
The Michigan Education Savings Program ( MESP) is a 529 savings plan that is administered by the Michigan Department of Treasury. Michigan residents who contribute to this plan can deduct up to $5,000 (up to $10,000 for joint filers) from their state income tax each year. MI State Matching Grants based on MESP contributions are not currently ...
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