1) Roth Conversion Option for Distributions after December 31, 2023: No federal income taxes are payable if the distributed funds are transferred directly to a Roth IRA established for the benefit of the beneficiary of the program account. Refer to the supplement above for eligibility requirements.

Does the above mean that if a client’s child has money left in the 529 Plan after college, he can convert the 529 Plan to a Roth IRA with no taxes?

2) Increase in gift and estate tax exemption amounts: No federal gift tax or generation-skipping transfer tax will be imposed on the account owner or third-party contributor if the contribution does not exceed $17,000 ($34,000 for married filers electing gift splitting on their federal tax return) during a year.

Does the above mean that instead of the 15k per year gifting, it is now 17K per year, per person?

Thank you very much,
Douglas