![]() Compound interest - the interest earned on contributions, earnings, and interest already accumulated in the 529 account - is included in the tax-free earnings. 1, 2024.Īnd so you know, the second tax benefit of saving in Ohio’s 529 Plan is that all earnings grow tax-free, meaning that all the investment growth is yours to use for your children’s future educational expenses. Again, keep in mind change does not go into effect until Jan. We will provide more information once available. Fifth, the lifetime maximum 529 amount allowed for the Roth IRA rollover is $35,000.There are still many clarifications and operational issues that will need to be resolved relating to this recent change. ![]() Fourth, you can only roll over 529 funds up to the yearly Roth IRA contribution limit, which is $6,5. Third, your contributions-which are also known as the principal-must have been in your Ohio 529 account for at least five years before the Roth IRA rollover. Second, the Roth IRA must be for the same beneficiary of the 529. First, a 529 account must be open for the beneficiary for 15 years. There are some requirements in order to use this new qualified distribution. 1, 2024, and you will be able to take advantage of it with your Ohio 529 Plan. This new benefit will go into effect in Jan.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |