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15min chapter
496 | Mailbag: Roth vs. Trad, $35k Roth to 529, Combining Finances | Rachael Camp
ChooseFI
Rules and Implications of Converting Roth IRAs to 529 Plans
The chapter examines the regulations and effects of converting Roth IRAs into 529 plans, emphasizing income requirements for beneficiaries, contribution limits, state tax uncertainties, and the benefits of tax incentives like credits over deductions. It delves into the complexities of transferring funds for college savings, outlining tax implications of withdrawals, and discussing considerations for beneficiaries and potential state taxation. The chapter also covers annual gift tax exclusions, estate tax concerns, and strategic investment decisions for individuals looking to contribute to 529 plans or brokerage accounts.
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