Footnote 1 How America Pays for College: 2024, Sallie Mae
Footnote 2 College Board, "Trends in College Pricing and Student Aid", 2024
Footnote 3 Owners of 529 accounts can roll over 529 assets into a Roth IRA with no federal tax penalty, subject to the following conditions:
The 529 account has been open for at least 15 years.
The Roth IRA is in the same name as the 529 account beneficiary.
The rollover does not exceed (i) Roth IRA annual contribution limits or (ii) the amount of annual compensation (as defined in the Internal Revenue Code) of the Roth IRA owner. However, Roth IRA income limits do not apply to a rollover from a 529 plan account to a Roth IRA.
The rollover is limited to:
The aggregate amount of contributions made to the 529 account (and any earnings) before the 5-year period ending on the date of the rollover; and
A lifetime rollover limit of $35,000 per 529 account beneficiary
Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.
This information should not be construed as investment advice and is subject to change. It is provided for informational purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.
Before you invest in a Section 529 plan, request the plan's official statement from your Merrill Financial Solutions Advisor and read it carefully. The official statement contains more complete information, including investment objectives, charges, expenses and risks of investing in the plan, which you should carefully consider before investing. You should also consider whether your home state or your designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds and protection from creditors that are available only for investments in such state's 529 plan. Section 529 plans are not guaranteed by any state or federal agency.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
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