There is a new proposal in the Senate that would allow unused 529 College Savings Plan funds to be rolled over to Roth IRAs without penalty. The College Savings Recovery Act would give families greater control over their own savings. Under current law, families are penalized for withdrawing leftover funds from their 529 accounts. If this bipartisan bill is passed, it would allow parents to put unused savings for their children’s education into their own retirement account instead of facing a penalty.
At Brandywine Oak, we follow current proposals to proactively plan for all possible scenarios to ensure our clients reach their long-term financial goals. To learn more about this new proposal, please ready Think Advisor’s https://lnkd.in/gE-g9VYb.
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New Proposal for Unused 529 College Savings Plan Funds
June 24, 2022