529 News

60-day rollover deadline extended for hurricane victims

(December 1, 2005) - Victims of Hurricanes Katrina, Rita, and Wilma have until February 28, 2006 to complete their rollover of 529 or Coverdell ESA distributions, as part of hurricane-related tax relief announced by the IRS. Rollovers normally must be completed within 60 days in order to qualify as tax-free under federal tax law. This relief can be helpful to certain 529 and ESA participants who took distributions in the wake of the hurricanes and would see their 60-day rollover period expire prior to February 28, 2006. For more information, go to www.irs.gov.

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