Using a Qualified Plan Account to Fund a IRA, Roth or 529? We are over 59 1/2. My wife receives a Pension from OPM every month. We don't really need this money right now so we were going to use it to fund a 529 to pay for my daughters college costs. However, it appears this still bumps up our taxes with about 38% of the distribution going to taxes. Would it be better to fund a new IRA for the next 6 years and take withdrawals out of the IRA for college? It appears the Roth IRA and the 529 would not save us this initial 38% hit in taxes.
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