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February 18, 2025
Question

2024 u can roll over qualified 529k dollars to a roth ira. i met all conditions and rolled $7000 from my 529 to a Roth IRA. 1099-Q is not allowing this as tax free?

  • February 18, 2025
  • 1 reply
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it's clear the IRS allows this but hasn't yet figured how to account for it?

    1 reply

    KrisD15
    February 18, 2025

    According to the IRS: if this was done trustee to trustee, do not enter the 1099-Q.

    “A Roth IRA for the benefit of the same beneficiary, if the distribution is a direct trustee-to-trustee transfer from a QTP account that has been open for more than 15 years and the amount distributed does not exceed total contributions (and attributable earnings) made to the QTP more than 5 years before the distribution date. However, this doesn't apply to the extent the amount distributed when added to other amounts contributed to Roth IRAs exceeds the annual contribution limit. For more information about contributions to Roth IRAs, see Pub. 590-A.”

    “Don't report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040, 1040-SR, or 1040-NR. These aren't taxable distributions.”

     

     

     

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