{"id":11571,"date":"2024-02-19T06:00:40","date_gmt":"2024-02-19T12:00:40","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=11571"},"modified":"2024-03-05T16:38:39","modified_gmt":"2024-03-05T22:38:39","slug":"529-plan-roth-ira-secure-act-changes","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/529-plan-roth-ira-secure-act-changes\/","title":{"rendered":"You Can Now Convert a 529 Plan to a Roth IRA"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11571\" class=\"elementor elementor-11571\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-59edae7e elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"59edae7e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6efd2867 ae-bg-gallery-type-default\" data-id=\"6efd2867\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1639e480 elementor-widget elementor-widget-heading\" data-id=\"1639e480\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The secure act offers new flexibility for unused dollars<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-284ccfbd blue-box elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"284ccfbd\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-768a9d70 ae-bg-gallery-type-default\" data-id=\"768a9d70\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29e541f6 elementor-widget elementor-widget-text-editor\" data-id=\"29e541f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key takeaways<\/strong><\/p><ul><li>The SECURE Act offers the ability to rollover up to $35,000 of unused 529 plan dollars to a Roth IRA penalty free.<\/li><li>The 529 plan must have been established for a minimum of 15 years.<\/li><li>Contributions within five years are ineligible for Roth conversion.<\/li><li>The 529 and Roth accounts must have the same beneficiaries.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-2cff1134 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"2cff1134\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-451f53f5 ae-bg-gallery-type-default\" data-id=\"451f53f5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-582a5dee elementor-widget elementor-widget-text-editor\" data-id=\"582a5dee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">One of the most powerful gifts you can offer your child or grandchild is the opportunity to graduate from a higher education institution with <\/span><i><span data-contrast=\"auto\">zero<\/span><\/i><span data-contrast=\"auto\"> debt. With the <\/span><a href=\"https:\/\/educationdata.org\/average-cost-of-college\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">cost of a four-year college degree<\/span><\/span><\/a><span data-contrast=\"auto\"> (tuition and fees) currently averaging from $156,000 for an in-state institution to $223,000 for a private institution, walking away debt-free is not an easy feat.<\/span><\/p><p><span data-contrast=\"auto\">A 529 plan, also known as a Qualified Tuition Program, is one of the most widely used and trusted tax-advantageous savings vehicles to invest in for a child.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Figuring out if a 529 plan is the right option for your family can open a Pandora\u2019s box of questions. From considering which state-sponsored plan to pick, understanding beneficiaries and qualifying members to knowing the right contribution amounts, there are a host of <a href=\"https:\/\/www.cainwatters.com\/digitalblogs\/choose-a-529-college-savings-plan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">decisions to consider when opening a 529 plan<\/span><\/a><\/span><span data-contrast=\"auto\">. It\u2019s also important to be aware of other alternatives, like <\/span><a href=\"https:\/\/www.cainwatters.com\/digitalblogs\/ugma-vs-529-plan\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">UGMA accounts<\/span><\/span><\/a><span data-contrast=\"auto\">, when considering the best option for you.\u00a0<\/span><\/p><h5><strong>PENALTIES FOR UNUSED 529 FUNDS<\/strong><span data-ccp-props=\"{}\">\u00a0<\/span><\/h5><p><span style=\"font-size: inherit;\" data-contrast=\"auto\">CPA <\/span><a style=\"font-size: inherit; background-color: #efefef;\" href=\"https:\/\/www.cainwatters.com\/keith-klein\/%22%20%EF%B7%9FHYPERLINK%20%22https:\/\/www.cainwatters.com\/keith-klein\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">Keith Klein<\/span><\/span><\/a><span style=\"font-size: inherit;\" data-contrast=\"auto\"> says that one of his clients\u2019 primary concerns with a 529 plan is what to do with unused funds. This situation may arise if the student is granted scholarship dollars, doesn\u2019t use all the funds as expected or even pursues a life or career path that does not require higher education.<\/span><\/p><p><span data-contrast=\"auto\">While these accounts have alternative options, like changing the beneficiary or leveraging the dollars for private K-12, they will not work for everyone.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Historically, families have struggled to decide whether to take a non-qualified distribution from the plan. Non-qualified distributions are subject to a 10% penalty, <\/span><span data-contrast=\"auto\">and<\/span><span data-contrast=\"auto\"> they must pay both the federal and state income taxes from this withdrawal.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-1e1e0837 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"1e1e0837\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6d61131a blue-box ae-bg-gallery-type-default\" data-id=\"6d61131a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-640bdea5 elementor-widget elementor-widget-text-editor\" data-id=\"640bdea5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW175399129 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW175399129 BCX8\">\u201c<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">This situation has led to families feeling penalized for responsibly saving for college and, in some cases, even deterred families from funding 529 <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">p<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">l<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">ans<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">,\u201d <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">says <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">Keith. \u201cBut <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">the passing of <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">SECURE<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\"> Act 2.0 <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">offers<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\"> a few key points that change how <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">unused funds in a<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\"> 529 <\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">p<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">lan can be utilized.<\/span><span class=\"NormalTextRun SCXW175399129 BCX8\">\u201d<\/span><\/span><span class=\"EOP SCXW175399129 BCX8\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-7584d6da elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"7584d6da\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1cbb2f1e ae-bg-gallery-type-default\" data-id=\"1cbb2f1e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e93c795 elementor-widget elementor-widget-text-editor\" data-id=\"7e93c795\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>THE SECURE ACT 2.0 OFFERS OPPORTUNITY IN A ROTH IRA<\/strong><\/h5><p><span data-contrast=\"auto\">With the SECURE Act 2.0, if a 529 plan is at least 15 years old, account holders can roll over up to a maximum of $35,000 into a Roth IRA. It\u2019s important to note that the $35,000 maximum cannot be rolled over in one year and is subject to each year\u2019s IRA contribution limits.<\/span><\/p><p><span data-contrast=\"auto\">In 2024, it would take at least five years at an annual contribution limit of $7,000 for an IRA to reach the maximum allowable rollover amount of $35,000.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">There are some additional caveats to consider when converting 529 funds into a Roth IRA. One notable stipulation is that the beneficiary on the 529 and the account holder of the Roth must be the same individual. Additionally, any contributions made to the 529 plan in the previous five years are ineligible for the rollover to the Roth IRA.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u201cI think it\u2019s a triple win,\u201d says Keith of the new rules surrounding the 529 plans. &#8220;Families can now save for college without the fear of being penalized for unused funds and the student can hopefully graduate debt free, with a jumpstart on retirement.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Leveraging tax-advantaged dollars for higher education is just one part of your overall wealth accumulation plan and can supplement other long-term saving vehicles. Want to make sure you are leveraging the right saving vehicles? <\/span><a href=\"http:\/\/www.cainwatters.com\/contact\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">Contact us<\/span><\/span><\/a><span data-contrast=\"auto\"> today for a complimentary consultation<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\"> \u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The secure act offers new flexibility for unused dollars Key takeaways The SECURE Act offers the ability to rollover up to $35,000 of unused 529 plan dollars to a Roth IRA penalty free. The 529 plan must have been established for a minimum of 15 years. Contributions within five years are ineligible for Roth conversion. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":11573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,41,17],"tags":[],"ppma_author":[48],"class_list":["post-11571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-news-feature","category-featured","category-investing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>You Can Now Convert a 529 Plan to a Roth IRA<\/title>\n<meta name=\"description\" content=\"Are you worried about unused 529 Plan funds? The SECURE Act 2.0 allows you to convert them into a Roth IRA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/529-plan-roth-ira-secure-act-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Can Now Convert a 529 Plan to a Roth IRA\" \/>\n<meta property=\"og:description\" content=\"Are you worried about unused 529 Plan funds? The SECURE Act 2.0 allows you to convert them into a Roth IRA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/529-plan-roth-ira-secure-act-changes\/\" \/>\n<meta property=\"og:site_name\" content=\"Cain Watters Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-19T12:00:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-05T22:38:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2024\/02\/AdobeStock_554836905.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"CWA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CWA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/\"},\"author\":{\"name\":\"CWA\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/#\\\/schema\\\/person\\\/5377defb92fcf06c1ff8504bf9880267\"},\"headline\":\"You Can Now Convert a 529 Plan to a Roth IRA\",\"datePublished\":\"2024-02-19T12:00:40+00:00\",\"dateModified\":\"2024-03-05T22:38:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/\"},\"wordCount\":614,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/02\\\/AdobeStock_554836905.jpg\",\"articleSection\":[\"Digital News Feature\",\"Featured\",\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/\",\"url\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/\",\"name\":\"You Can Now Convert a 529 Plan to a Roth IRA\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/529-plan-roth-ira-secure-act-changes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/02\\\/AdobeStock_554836905.jpg\",\"datePublished\":\"2024-02-19T12:00:40+00:00\",\"dateModified\":\"2024-03-05T22:38:39+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/#\\\/schema\\\/person\\\/5377defb92fcf06c1ff8504bf9880267\"},\"description\":\"Are you worried about unused 529 Plan funds? 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