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SECURE Act 2.0 Allows Unused 529 Funds to be Rolled into a Roth IRA

Parents and other family members no longer need to worry about what happens to their child’s 529 plan if they have a remaining balance upon graduation or if they decide not to pursue post-secondary education at all. Historically, parents may have been hesitant to contribute to this education savings account due to the uncertainty of their child’s future decisions, missing out on tax-free growth and withdrawals when used for qualified educational expenses (tuition, fees, books, supplies, room and board, etc.) and in many states, receiving a tax break for contributions made. Fortunately, with SECURE Act 2.0, starting in 2024, the remaining 529 balance can be transferred into a Roth IRA for the same beneficiary, giving them the opportunity to have decades of tax-free growth for their retirement.

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