Starting in 2024, 529 Plan Account Owners Will Be Able to Roll Over Unused 529 Funds to Roth IRA Accounts

In December 2022, as part of the government’s year-end spending bill, the SECURE 2.0 Act of 2022 was signed into law by the President. This Act permits an additional type of qualified distribution for 529 plan assets by allowing limited tax and penalty-free 529 plan rollovers to Roth IRA accounts beginning in 2024. This increased flexibility may help to address the needs of account owners whose beneficiaries do not pursue higher education or who have leftover funds within their 529 account due to their beneficiary receiving a scholarship. There are several key provisions of the Act as it relates to these rollovers which you can learn more about here.

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News & Updates

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