Hello,
I have purchased in Oct 2022 for my kiddos in a linked minor treasury account. I am thinking of rolling over these bonds to 529 plan in Jan 2024 - after completing 1 year + 3 months.
1. Can I rollover entire amount including principal and interest to 529 plan for each respective beneficiary?
2. What are the tax implications of doing this rollover considering I am in the Washington state?
3. If I rollover these funds to 529 in 2024 - would I still be able to contribute additional $18000 per child to 529 plan for current year without incurring gift tax. Essentially since IBonds were purchased for the year 2022 - would this rollover apply for the year 2022 or would it utilize limits for year 2024.
