I have a 529 account in another state. What are the tax implications if I roll it over to a PA 529 account?
A rollover from a non-PA 529 account to a PA 529 account, if done within the rules, will not be taxed by Pennsylvania or the federal government at the time of the rollover. When the account is used, the normal rules governing withdrawals would apply. You should check with your other plan to see if they charge any penalties for rolling funds out of their account to another 529 plan. For out-of-state residents and for people who have previously completed rollovers for the same beneficiary, you should check with your tax advisor for additional considerations. Additionally, an amount rolled over from another 529 plan cannot be deducted from taxable income for Pennsylvania taxpayers, as most other contributions can be.
- Who may contribute to a PA 529 account?
- How much can I contribute to the account?
- How do I send in money?
- How can I make regular, automatic contributions? (Payroll deduction & AIP)
- How do I roll over another 529 account into my PA 529 account?
- I have a UTMA/UGMA account. Can I roll over the funds into my child's PA 529 account?
- How often can I roll over my account?
- I have a 529 account in another state. What are the tax implications if I roll it over to a PA 529 account?
- Can I convert my Savings Bonds into tax-free college savings?
- How do I roll a Savings Bond into my PA 529 account as a tax-deferred event?
- How do I roll over a Coverdell ESA to a PA 529 account?