Victory Capital 529 Education Savings Plan Direct Rollover Out to Roth IRA Form
Important: The receiving Roth IRA must have the same account owner name and Social Security number or Taxpayer Identification number as the beneficiary of your Victory Capital 529 Education Savings Plan Account. Please contact the receiving Roth IRA Plan Manager or Custodian for proper mailing address.
The assets described below will be moved from your Victory Capital 529 Education Savings Plan Account to the Financial Institution indicated above.
Note: The value of the assets being rolled over to the Roth IRA is subject to the annual contribution limit for the taxable year applicable to the beneficiary for all individual retirement plans maintained for the benefit of the beneficiary.
By signing below, I certify that the information contained in this form, and in any required documentation, is true, complete and correct.
Note: The IRS may issue additional guidance that may impact 529 account rollovers to Roth IRAs. You should also consider potential state and local tax consequences as part of any 529 Plan rollover. Please consult a financial professional or tax advisor regarding the applicability of these rollovers to your personal situation.
- I certify that I have read, understand, consent, and agree to all of the terms and conditions of the Victory Capital 529 Education Savings Plan Description, and understand the rules and regulations governing rollover contributions to Roth IRAs from 529 plans, and that the rollover I am requesting meets all of the requirements and conditions required for an eligible rollover of assets to Roth IRAs from 529 plans.
- I understand that my 529 account must be open for 15 or more years in order to qualify for a rollover to a Roth IRA.
- I understand that IRS regulations permit a lifetime maximum amount of $35,000 per beneficiary to be rolled over from 529 accounts to Roth IRAs.
- I understand that 529 contributions and associated earnings must be in my account for more than 5 years in order to qualify for a rollover to a Roth IRA.
- I understand that I am responsible for tracking and documenting the length of time my 529 account has been open and the amount of assets in my 529 account eligible to be rolled into a Roth IRA.
- I understand that 529 assets can only be rolled over into a Roth IRA maintained for the benefit of the beneficiary on my 529 account.
- I understand that the Roth IRA contribution is subject to the Roth IRA contribution limit for the taxable year applicable to the beneficiary for all individual retirement plans maintained for the benefit of the beneficiary.
