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Financial Planning / Tax Strategies
|Subject: Re: Rolling over Education IRA to 529?||Date: 5/10/2013 12:45 PM|
|Author: TMFPMarti||Number: 118601 of 123001|
I have an Education IRA and a 529 for my kid. The reason I created the Education IRA was to be able to manage the money myself rather than investing with a money manager in a 529. Since the E-IRA has a limit of 2000 per year, I am not sure if mine is a good strategy. So I have been thinking of rolling over all the money from E-IRA to the 529 I have with Fidelity. My questions are -
1. Is it possible?
No. See Pub 970.
I don't understand why you want to get rid of the ESA just because of the contribution limit. You can contribute to both the ESA and the 529, and Pub 970 has comprehensive examples of using both to pay qualified expenses.
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