529 To Roth Ira 2024. Starting in 2024, the new provision allows up to a lifetime total of $35,000 to be rolled over from a 529 plan to a roth ira established in the name of the beneficiary. In contrast, the roth ira lets you put away $7,000 (for 2024) for those under age 50, while those over 50 can save an additional $1,000 a year.

Starting in 2024, you can roll unused 529 assets—up to a lifetime limit of $35,000—into the account beneficiary’s roth ira, without incurring the usual 10% penalty for nonqualified. This provision takes effect in 2024, not 2023.