can you convert an ira to a 529 plan
There are two ways to use IRA money to fund a 529 savings plan. You can withdraw money from the IRA and pay taxes and any penalty, then use the funds to open a 529 account.Or you can take out IRA money and claim an educational exemption for an early withdrawal, before the age of 59 1/2.n IRA is set up to build money for retirement. A 529 is a college savings plan, designed specifically to hold money to eventually pay for higher education. An IRA is a personal account for the individual holding it, while 529 savings are for a designated beneficiary, usually a child.