- January 5, 2024
- Financial Synergies Wealth Advisors
Can I Make A 529 Plan to Roth IRA Transfer in 2024?
The 529-to-Roth IRA transfer is a relatively new and interesting feature that was recently passed into law from the SECURE Act 2.0, and many clients are curious as to whether they can take advantage of it.
To help clear up some of the questions you may have, we’ve put together this flowchart: Can I Make a 529 Plan to Roth IRA Transfer Flowchart?
Using this guide, you will be able to determine if you’re eligible to implement a 529-to-Roth IRA transfer and whether it might be a good fit for you.
This flowchart covers the important criteria to consider when determining if you can make a 529-to-Roth IRA transfer, such as:
- How long your 529 account has been open and funded?
- Ensuring the 529 beneficiary and Roth IRA owner are correct before transferring.
- How earned income, previous Roth IRA contributions, and total 529-to-Roth IRA transfer limits can impact your ability to make a transfer.
- Whether a 529-to-Roth IRA transfer is the best fit for your situation.
After reviewing the flowchart, if you have any questions or concerns, please don’t hesitate to contact us and schedule a time to discuss this further. We are here to help and advise you on the best course of action.
Concerns or questions about your financial plan? Contact Financial Synergies today.
We are a boutique, financial advisory and total wealth management firm with over 35 years helping clients navigate markets and developing custom financial plans. To learn more about our approach to financial planning please reach out to us. One of our seasoned advisors would be happy to help you build a custom financial plan to help ensure you accomplish your financial goals and objectives. Schedule a conversation with us today.
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