NEW 529 Plan to Roth IRA tax LOOPHOLE [Secure Act 2.0]

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  • Опубликовано: 25 ноя 2024

Комментарии • 12

  • @yomango35
    @yomango35 Год назад +2

    Great news !!

  • @buzzz623
    @buzzz623 6 месяцев назад

    @travis sickle
    Your video was very informative. I have a question though.
    In 2016 I started a 529 for my kid in the sum of 30k. We are now, in 2024, and the total has decreased to around 29k. So no gains in that 8 year period. Through the Secure Act, will I be able to transfer the full amount to a ROTH without incurring a penalty?

    • @TravisSickle
      @TravisSickle  6 месяцев назад +1

      Yes, you'll need earned income in the year of the conversion which really makes it less beneficial since it also eats up your contributions to the Roth. The requirement as is 15 years so you'll have to wait a bit more. I'm curious to your performance. I'm also wondering if you're thinking that 529 had some performance issue that would be solved by a Roth IRA -- which is generally the wrong way to think of it.
      Become a channel member and join the discord channel too if you want to look at this more.

  • @mars-vf3kx
    @mars-vf3kx Год назад

    What if you maxed out your back door Roth IRA in the same year, can you still do the 529 to Roth rollover?

  • @nathangilpin
    @nathangilpin 9 месяцев назад

    When they says starting in 2024, does that mean I can use 2023 tax year money to fund the roth being that it is now 2024?

    • @christopherplessinger4664
      @christopherplessinger4664 4 месяца назад

      No. The contributions have to have been sitting in the 529 for at least 5 years before you transfer them.

  • @chocOneOOne
    @chocOneOOne Год назад

    Is it even worth opening a 529 for a kid who only has 2 years before he graduates?

  • @aarong8933
    @aarong8933 Год назад

    Travis did you strategically open a 529 each for you and your wife?