We currently meant the threshold for rolling ibonds into a 529 but that’s unlikely to be an option for us next year.
We have $20k face value of ibonds that total about $22,000 after earned interest and that accounts for the 3 months of lost interest.
Can this money be split across multiple 529s or must it all be rolled into a single child’s 529? Is there a maximum amount that can be rolled into each 529?
Am I correct that this $2k in earned interest is state tax exempt in Pennsylvania, and the roll over will also make this amount exempt from federal taxes? What about the original $20k used to purchased these ibonds, can that be deducted from state taxes?
We have $20k face value of ibonds that total about $22,000 after earned interest and that accounts for the 3 months of lost interest.
Can this money be split across multiple 529s or must it all be rolled into a single child’s 529? Is there a maximum amount that can be rolled into each 529?
Am I correct that this $2k in earned interest is state tax exempt in Pennsylvania, and the roll over will also make this amount exempt from federal taxes? What about the original $20k used to purchased these ibonds, can that be deducted from state taxes?
Statistics: Posted by thethinker — Mon Dec 02, 2024 8:59 am — Replies 0 — Views 6