![]() ![]() ![]() In the ever-evolving world of finance, John Mateyko’s expertise shines a light on the growing preference for custom-made retirement plans. Please consult your tax advisor for tax advice for your specific situation. This material is intended for informational purposes only, and is not intended to provide tax advice. ![]() Keep in mind you can only do this once every 12 months. This leaves the original account (and its 15-year lifespan) intact and allows for future transfers between siblings if warranted. Rather than changing the beneficiary of an account, simply request a rollover of funds to the other child’s existing 529 account. ![]() The good news is there is a logistical workaround worth considering. It gets complicated, however, if one child has completed their education and, before this 2024 change, a parent or guardian renamed the beneficiary so unused funds could be accessed by another college-bound child. With the new rule, parents or guardians may want to allow children who don’t exhaust their 529 to use the limited Roth IRA rollover option, potentially kickstarting their child’s retirement or supporting other financial goals. Traditionally, families with multiple children transferred unused funds from one 529 account to another to maximize college savings.
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