According to the Kiplinger's Washington Editors, the IRS will clamp down on 529 plans this year and issue regulations that will target abuses. Under the microscope: putting as much as $120,000 into accounts for different people, then quickly changing the beneficiary on all of the accounts to one individual. And another ploy. . stuffing a lot of money into a 529 plan and later using the funds to pay for retirement. That allows contributors to circumvent the pay-in-ceiling and distribution requirements that apply to qualified retirement plans.
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