Tax-free rollovers from 529 plans to Roth individual retirement accounts may be allowed in 2024
Maskot | Maskot | Getty Images Americans who save for college in 529 plans may soon have a way to rescue unused funds while keeping their tax benefits intact. A $1.7 trillion government funding bill passed Thursday by the Senate has a provision that lets savers roll money from 529 plans to Roth individual retirement accounts free of income tax or tax penalties. related investing news Americans need to save more for retirement, and they are about to get extra help Bob Pisani 2 days ago The House is expected to pass the legislation Friday, before a deadline to avert a government shutdown. More from Personal Finance: 10 ways to avoid the early withdrawal penalty for IRAs Retirement savers with lower incomes may be getting a federal 'match' 'Best' ways to maximize your tax deduction for charitable gifts The rollover measure — which, if it becomes law, would take effect in 2024 — has some limitations. Among the largest: There's a $35,000 lifetime cap on transfers. ...