It is tax free and penalty free if:
- Doesn't exceed the yearly limit $7000
- The 529 account must have been open for at least 15 years.
- The beneficiary of the 529 account and the owner of the Roth IRA must be the same person.
- Must be paid in a trustee-to-trustee transfer.
If all apply, don't enter the form. Keep it for your records.
MY529
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