Q&A of the Week June 7, 2023

Question

Can I roll my 529 Plan into a Roth IRA?

Answer

Not yet, but due to the Secure 2.0 Act, 529 Plan beneficiaries will be able to roll over funds into a Roth IRA beginning January 1, 2024.  There will be limitations, including:

• 529 Plan must have been open for 15 years

• A $35,000 cap on lifetime transfers

• Subject to Roth contribution limits

If you have questions, please consult a tax professional.