529 Plan To Roth Ira 2024 Plan

529 Plan To Roth Ira 2024 Plan. It introduced two new rules relating to 529 plans and student debt that will take effect in 2024. Starting in 2024, you can roll unused 529 assets—up to a lifetime limit of $35,000—into the account beneficiary's roth ira, without incurring the usual 10% penalty for nonqualified.

Beginning this year, the secure act 2.0 allows owners of 529 plans to convert unused 529 funds to the beneficiary’s roth ira. Rollovers are subject to roth ira annual contribution limits.