With Secure Act 2.0, a 529 can be rolled over (within limits) if it has been opened for at least 15 years.
I have a 529 with my son as beneficiary. When I withdrew all the funds to pay for his college, the plan administrator closed the account. If I deposit new money, the account re-opens. But when does the 15 year start? The original open date or the re-open date?
this is an interesting article to read. The provisions attempt to limit using the rollover you are attempting to accomplish as a financial planning tool.
Idea: why go through all the machinations and wait 15 years to get money into HIS Roth IRA. Just give money to your son now with the purpose of funding his Roth IRA. then there is no need to deal with a 529 plan.
Q. But when does the 15 year start? The original open date or the re-open date?
I don't know if you can find a concrete answer to that question. My opinion is that "the plan administrator closed the account" means that "re-opening" is essentially a new account and the 15 years starts then.
But the question may be somewhat academic. One of the rules is: "Any contributions made within the past five years (and earnings on those contributions) are ineligible to be moved into the Roth IRA."* 5 years from now, the beneficiary is most likely going to be eligible to make Roth contributions based on his earned income.
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