The SECURE Act 2.0 will allow you to start moving 529 plan assets into a Roth IRA tax-free starting in 2024. But there are rules…

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If you have a 529 college savings plan for your child but they end up not needing all the funds for their education, you may be wondering what to do with the leftover money. One option that you may want to consider is moving the assets into a Roth IRA.

A Roth IRA is a retirement savings account that allows your money to grow tax-free. While contributions to a Roth IRA are made with after-tax dollars, the growth and eventual withdrawals are tax-free, making it a very attractive savings vehicle for many individuals.

There are a few key benefits to moving 529 assets into a Roth IRA. First and foremost, by moving the funds into a Roth IRA, you can continue to let the money grow tax-free. This can be especially advantageous if your child does not need all of the funds for their education and you would like to continue saving for their future or your own retirement.

Additionally, moving 529 assets into a Roth IRA can provide more flexibility in how the funds can be used. While 529 funds are typically earmarked for education expenses, Roth IRA funds can be used for any purpose without penalty once you reach retirement age. This can give you more options for how to use the funds in the future.

To move 529 assets into a Roth IRA, you will need to do a direct rollover from the 529 plan to the Roth IRA. It is important to note that this transfer will be considered a distribution from the 529 plan, so you may be subject to taxes and penalties if the funds are not used for qualified education expenses. However, by rolling the funds directly into a Roth IRA, you can avoid paying taxes on the transfer.

Before making this move, it is important to consult with a financial advisor to ensure that it is the right decision for your particular financial situation. They can help you understand any tax implications and make sure that this strategy aligns with your long-term financial goals.

In conclusion, moving 529 assets into a Roth IRA can be a smart move for individuals who have leftover funds in their college savings plan. This strategy can provide tax benefits, increased flexibility, and continued growth potential for the funds. Consult with a financial advisor to determine if this is the right choice for you and your family.