Welcome to another insightful episode of ‘Tax Blueprints’, hosted by Daniel Rohr, a distinguished CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we unravel the complexities of various educational savings accounts, including 529 accounts, Coverdell ESAs, Roth IRAs, and more, under the lens of the transformative Secure Act 2.0.
Unlock the potential of 529 accounts as a double tax-advantaged vehicle designed specifically for educational expenses. Learn about its flexibility in changing beneficiaries and the significant tax benefits it provides. Explore the recent amendments under the Secure Act 2.0 that allow for rollovers to Roth IRAs, thereby mitigating the risks of overfunding.
Dive into the flexibility and limitations of Coverdell ESAs, the dual-purpose nature of Roth IRAs, and the more traditional approach of Series EE and Series I Savings Bonds. We also touch upon custodial accounts like UGMA or UTMA, exploring their broad range of uses and tax implications.
Whether you’re a parent planning for your child’s educational future or an individual aiming for a well-rounded financial portfolio, this episode offers comprehensive guidance and actionable advice to make informed decisions in the ever-changing landscape of educational savings.
Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.