Ask Terry Questions 529 under SECURE 2.0 Act

529 under SECURE 2.0 Act

By Terry Savage on January 23, 2023 | College Savings / Student Loans

Your column and that of Elliot Raphaelson appear on the same page of Sunday’s editions of our local Virginian Pilot and I enjoy both. Last Sunday, he reported on the ability of a beneficiary to convert up to $35,000 of excess 529 plan funds starting in 2024. In today’s edition, you reported essentially the same except you also said this could apply to the owner as well. I’m hoping you are correct, but I’m a little confused. Could you please clarify? Thank you.

Terry Says

Oops, I’ll have to fix that. My mistake. Here’s the rule:
The Roth IRA must be in the name of the 529 beneficiary – not the 529 owner (if different).

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