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Get your taxes done using TurboTax
Two points:
1. $2500 of income allows a $2500 ROTH deposit. Any amount below that can open the ROTH.
2. A 529 rollover is allowed for 2024 until April 15, 2025 according to Saving for College. Note that the beneficiary must have earned income equal to at least as much as the amount transferred in any year.
A ROTH can be opened with less money but the 529 to ROTH can be the full income amount provided it meets all the requirements mentioned above.
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‎February 13, 2025
1:32 PM