Roll excess 529 contribution to another account

[legendhfwang]

I just realized I contributed $100 more than the $18000 annual 529 contribution limit in 2024 to my son's account. I thought I could roll the extra to my own 529 account opened at the same brokerage firm. When I was on the phone with this brokerage firm, they told me they just roll the $100 to my own 529 but won't specify this is for 2024 contribution. Does that address my issue? I just worry if they don't specify the roll is for 2024 contribution, I might still exceed the contribution limit. Thanks!

[BrittanyS]

Yes, the rollover can count towards your 2024 account if the remaining requirements are met for a 529 rollover.  For 529 contributions, the following items must be met for the contribution to count as not taxable.  See the information provided by my529 regarding rollovers:

• Account has been open for at least 15 years
• The my529 beneficiary and the Roth IRA owner are the same person
• The rollover doesn't exceed the Roth IRA owner's following contribution limits
  • Does not exceed the Roth IRA owner's earnings for the chosen year
  • Does not exceed applicable Roth IRA Contribution Limits
  • Does not exceed an aggregate rollover amount of $35,000
  • Does not exceed the total amount contributed to the 529 accounts before the five-year period prior to the rollover

For more information, see the link below:

• My529