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Massachusetts Form 8815: What You Should Know

If a participant in a 529 plan is withdrawing money from a savings bond account for qualified expenses (e.g., tuition, books, equipment, fees, etc.), he can roll the funds over into a qualified plan for the same time period. (See Qualified Deductions, 529 Plans.)  If the money is already in a qualified plan, any balance transferred in the same period will be added to the plan's corpus balance. If the money is already in the qualified plan, the transfer should be made after the date the account is redeemed. If it is used for qualified expenses, the cash received from the rollover is tax-free income. This will be the first time the U.S. government pays an investment income tax — and it's very likely we won't see any changes until after the 2024 elections. In summary, savings bonds pay interest and earn capital gains in the process! For more information about saving bonds, and other investment options, visit: The Great American Debt Free Investment Page. For more information on Roth IRA distributions: Roth IRA Tax Matters.

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