Comments for The College Investor

Comment on How to Rollover A 529 Plan To An IRA by Mark Kantrowitz

Mark Kantrowitz — Mon, 19 Feb 2024 00:06:08 +0000

In reply to Paul. You cannot make a distribution of only earnings or only contributions from a 529 plan. Distributions from a 529 plan are always proportional. However, once the money is in a Roth IRA, you can make a distribution of just the contributions. Also, the distribution from a Roth IRA can be used for any purpose, while the distribution from a 529 plan is just for qualified educational expenses and a few other qualified expenses (e.g., student loan repayment).

Comment on How to Rollover A 529 Plan To An IRA by Mark Kantrowitz

Mark Kantrowitz — Mon, 19 Feb 2024 00:04:10 +0000

In reply to Phil. Yes. The point of the article was that the rollover has to be to a Roth IRA of the beneficiary of the 529 plan, not the account owner.

Comment on TurboTax Alternatives: 5 Other Popular Options by Margaret

Margaret — Sun, 18 Feb 2024 21:32:09 +0000

In reply to James D. I'm having the same problem, also after 20 years of seamless tax filing. Can't even load the software, it keeps saying that there is a file missing.

Comment on How to Rollover A 529 Plan To An IRA by Paul

Paul — Sat, 17 Feb 2024 18:26:41 +0000

Hi Mark. The article says “The contributions and earnings of a rollover from a 529 plan are proportional, and this carries through to the Roth IRA. So, you can take a tax-free return of the contributions portion of the rollover after it shows up in the Roth IRA.” I was thinking that the advantage is more with the tax-free treatment of the earnings. Isn’t the return of my 529 basis always tax-free? Thanks!

Comment on OLT.com Review 2024 by Dee

Dee — Sat, 17 Feb 2024 13:55:25 +0000

I love using Olt as it is user friendly. I process taxes for all my family member and i have a large family. When I go to pay the $9.95 to efile state with federal, after a few returns, it won’t accept my credit card or debit card. Why?