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Timestamps:
0:00 New SECURE Act 2.0 Rollover Strategy
0:28 529 Plans Explained
2:13 The 529 Plan to Roth IRA Rollover
5:27 The Million Dollar Family Gifting Strategy
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Does the Roth rollover require earned income to do it ?
What if I transferred the 529 beneficiary to another relative? Then can I rollover that amount to a Roth IRA for that "new" beneficiary?
To contribute to a Roth IRA, you must have that same amount of earned income for that year. In the case of a rollover contribution, does the beneficiary still need to have earned income? Example: My child goes to college and uses some of their 529 but not all of it. Then it takes them a full tax year to find a job so they have $0 earned income – can they still rollover their leftover 529 into a Roth IRA for that $0 year?
Could a person saving for retirement use this as a strategy for investing more in their Roth? Once you retire can you rollover the balance into your Roth or is that not possible because you have no earned income?
Great Topic. Please answer the question about Coverdell education funds that many people have. Is this included? It was around before the 529. If I transfer Coverdell to 529 I then have to wait 15 years before I can rollover to Roth?
Please clarify, thank you!
For those of us who contributed to 529s in states with state income tax incentives for 529 contributions, do you think those states will look to "claw-back" some of those state tax incentives dollars when the 529-to-Roth rollover happens? For example, I live in Indiana, and we opened a 529 plan for our son 15 years ago. We contributed the maximum to the 529 each year and received a 20% tax credit (about $1000/year) on our state income tax each year. He is in college now, and probably won't consume all that 529 money because he is going to a cheaper state school.
Could I make myself the beneficiary after child finishes college? New 15 year rule?
obviously your child needs earned income to open a roth but once open with this strategy, can you only put in the max allowed for the year and 35k is the lifetime max or can you put 35k once and done? does your child need to have earned income equal to what you are putting in or just have a previously opened roth.
Why not just build a large real estate or brokerage portfolio and borrow against it to fund any college expenses you want to pay for, if you so choose 20+ years down the road?
More liquidity, more control of your assets, access to leverage, no withdrawal age limit, and no limits to how it’s used or for whom.
The fact these convoluted rules are even necessary to prevent theft of personal wealth by the government to support your children is abhorrent.
The predecessor to the 529 is the Coverdell ESA. Does the Roth rollover apply also to Coverdell ESA?
Thanks for this video, it’s the deepest dive I’ve seen yet on the Secure Act 2.0 changes for 529.