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☆ 529 college savings plans 'are better now than they've ever been,' expert says. Here are key changes for 2024
  + stars: | 2024-05-15 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +3 min
Whether the funds are for college or vocational studies, she said, "529 plans are better now than they've ever been before and they're more flexible." "There are three pretty significant changes this year," said Vivian Tsai, senior director of education savings at TIAA and chair emeritus for the College Savings Foundation, a non-profit that provides public policy support for 529 plans. Financial experts and plan investors agree that 529 college savings plans are a smart choice for many. Tax deductions or credits for contributionsEven before recent changes, there were already many advantages to a 529 plan. A few states also offer additional benefits, such as scholarships or matching grants, to their residents if they invest in their home state's 529 plan.
Persons: Vivian Tsai, New Roth, beneficiary's Roth, Chris Lynch, they're, " Lynch Organizations: College Savings Foundation, Financial, Finance, CNBC, Federal
☆ Families can make a tax-free rollover from 529 plans to Roth individual retirement accounts starting in 2024
  + stars: | 2022-12-23 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Maskot | Maskot | Getty ImagesMillions of 529 accounts hold billions in savingsThere were nearly 15 million 529 accounts at the end of last year, holding a total $480 billion, according to the Investment Company Institute. watch nowHowever, that investment growth is generally subject to income tax and a 10% tax penalty if used for an ineligible expense. A transfer would skirt income tax and penalties; investments would keep growing tax-free in a Roth account, and future retirement withdrawals would also be tax-free. The rollover can only be made to the beneficiary's Roth IRA — not that of the account owner. Some education savings experts think 529 accounts have adequate flexibility so as not to deter families from using them.
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