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Some Good News About 529 Plans!
Manage episode 358617341 series 3428540
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You may have heard of a 529 Plan, which allows you to put money away for someone's college education, have it grow tax-deferred over the years, and then be taken out tax-free when the funds are used for qualified higher education expenses.
The problem has always been, though, that if the money wasn't used for those higher education expenses, it would be both taxed and penalized upon withdrawal. That rule has now changed - in some circumstances, you can use some or all of that money to fund a Roth IRA.
This is good news for many people who were looking at the prospect of extra taxes on a 529 Plan that had leftover money in it. Get the details from podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!
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