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Committee questions plan to let long‑held 529 accounts roll into Roth IRAs
Summary
VSAC told the committee it supports allowing rollovers from 529 accounts to Roth IRAs for long‑held accounts but recommended more data; department staff urged aligning Vermont’s holding period with the federal 15‑year rule rather than the draft’s 20‑year threshold.
Tom Little of the Vermont Student Assistance organization told the Ways & Means committee Wednesday that the federal tax code permits rollovers from 529 college‑savings plans to Roth IRAs for accounts that meet long holding‑period requirements, and that the draft bill would allow a similar treatment in Vermont but with a longer holding period. "The draft of section 12, we'll put that at 20 years," Little said, noting the federal rule requires 15 years.
Little said VSAC would…
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