What are my options for rolling over a 529 plan?
An example of an AI chatbot conversation about 529 plan rollover options.
What are my options for rolling over a 529 plan?
You have a few options for rolling over a 529 plan. You can transfer the funds to another 529 plan, change the beneficiary, or withdraw the funds for non-educational expenses, though that may incur taxes and penalties.
Can I roll over to a different state's 529 plan?
Yes, you can roll over your 529 plan to a different state's plan. Just ensure that the new plan meets your educational savings needs.
Are there any tax implications I should be aware of?
Generally, if you roll over to another 529 plan, there are no tax implications as long as it's done correctly. However, if you withdraw the funds for non-educational purposes, you may face taxes and penalties.
How often can I do a rollover?
You can roll over a 529 plan once every 12 months for the same beneficiary. If you change the beneficiary, you can do it more frequently.
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