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529 Rollover To Roth

Faith & Finance (formerly MoneyWise)

Christian talk radio with Rob West

January 26, 2023

For more than 20 years, 529 education savings plans have been helping families pay for qualified school expenses while enjoying a tax benefit. But there was a major drawback. Now, with the $1.7 trillion spending package passed last month, money leftover in a 529 savings plan can be rolled over into a Roth IRA without incurring taxes or penalties starting in 2024. This removes a major drawback to 529 plans and will likely encourage more families to open the accounts. Rob also answers listener questions about what to do after a CD matures, when to move money into an employer-sponsored ROTH account, and the best way to save for college.

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