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SECURE 2.0 Act of 2022: Rollovers from 529 Plans to Roth IRAs

Effective January 1, 2024, Account owners may roll money from an IAdvisor 529 Plan account to a Roth IRA for the benefit of the 529 account beneficiary without incurring federal income tax or penalties. Certain conditions apply as referenced in the IAdvisor 529 Plan Secure 2.0 Flyer, and the IRS is expected to issue additional guidance in 2024 that may impact these rollovers.

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SECURE 2.0 Act of 2022: Rollovers from 529 Plans to Roth IRAs

December 20, 2023

Effective January 1, 2024, Account owners may roll money from an IAdvisor 529 Plan account to a Roth IRA for the benefit of the 529 account beneficiary without incurring federal income tax or penalties; however, the transfer would be considered nonqualified for Iowa state tax purposes and would be subject to recapture in most situations (state tax treatment varies). Certain conditions apply as referenced in the IAdvisor 529 Plan Secure 2.0 Flyer, and the IRS is expected to issue additional guidance in 2024 that may impact these rollovers.

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