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Financial Planning / Tax Strategies
|Subject: Re: Rolling over Education IRA to 529?||Date: 5/11/2013 7:55 AM|
|Author: vaking||Number: 118602 of 121565|
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.
From the reading I've done online and in reading Pub 970, I thought the answer was 'Yes'.
e.g., from Pub 970:
Rollovers and Other Transfers
Assets can be rolled over or transferred from one QTP to another. In addition, the designated beneficiary can be changed without transferring accounts.
Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution.
Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. These are not taxable distributions.
and some content from Fairmark.com:
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