529 to Roth conversion
Does it count as that years contribution or are you allowed to do a full conversion and full contribution in the same year?
If you do the full 35,000 for one beneficiary, can you change the beneficiary and do it for new beneficiary or does it need to be in each beneficiaries name for the 15 years.
Permalink Submitted by Alan - IRA critic on Fri, 2023-11-10 17:39
Any amount transferred to a Roth IRA under this provision is treated as part of the regular Roth contribution limit for that year, so is not an additional limit. As for changes of beneficiary, the IRS is going to have to provide guidance on this, and certain other questions. Therefore, there is a good chance that this provision will not actually be applied in 2024.