529 to Roth Question
If a parent is the owner of the 529 (and the student is the beneficiary), can the 529-to-Roth conversion still happen, or does the student also need to be the owner?
If a parent is the owner of the 529 (and the student is the beneficiary), can the 529-to-Roth conversion still happen, or does the student also need to be the owner?
Permalink Submitted by Alan - IRA critic on Sun, 2024-02-25 15:31
The student’s Roth IRA would be the receiving account as this transfer must be done to the Roth IRA of the 529 beneficiary. The student will need to have enough earned income to support a Roth IRA contribution as well.
Permalink Submitted by John Boyle on Sun, 2024-02-25 18:45
But does the student need to be owner of the 529 account too? I just read it in a Kiplinger’s article, but I never read that anywhere else.
Permalink Submitted by John Boyle on Sun, 2024-02-25 18:47
Forget it. I read it wrong.