“If you convert a 529 plan to a Roth IRA prior to the Financial Aid calculation, and if it happens within the same academic year or within 2 years prior to the financial aid award year, then it would be subject to a ‘look back’ period,” says Mina Tadrus, CEO of Tadrus Capital in Tampa. “The time requirement under which it will be seen only as a Roth IRA is within the same academic year or within two years preceding the award of financial aid.”
“It’s difficult to provide a specific dollar amount for when a retiree’s portfolio should move from investment products to individual securities, as this will depend
SECURE 2.0 Creates Backdoor Child IRA Opportunity
“If you convert a 529 plan to a Roth IRA prior to the Financial Aid calculation, and if it happens within the same academic year or within 2 years prior to the financial aid award year, then it would be subject to a ‘look back’ period,” says Mina Tadrus, CEO of Tadrus Capital in Tampa. “The time requirement under which it will be seen only as a Roth IRA is within the same academic year or within two years preceding the award of financial aid.”
Source: Forbes
Author: Chris Carosa
Continue reading here: https://www.forbes.com/sites/chriscarosa/2023/01/05/secure-20-creates-backdoor-child-ira-opportunity/?sh=221114073594
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