I have a client (31 years old, lets call her Sarah Smith) that has a 529 (her mom is the owner, she is beneficiary) at another financial institution. That account meets all the criteria including the 15 year rule to use $7,000 for a 2024 Roth IRA contribution. What is the proper process to accomplish this and move the $7,000 from the 529 at the other institution into Sarah’s Roth IRA at my firm? Does the other institution have to code it a certain way? Does the check need to be made payable to Sarah Smith Roth IRA or can it just be made payable to Sarah Smith and then she can deposit it into her taxable brokerage account here and then transfer the money into her Roth IRA? The process is so new so I am not exactly sure what the proper protocol is or perhaps it doesn’t matter it it is just up to the client and/or their tax preparer to report it properly on the tax return.