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Reply to "How long does a deposit have to sit in a DC 529 account to get the tax break?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You get the deduction immediately. but if you roll-over within 2 years, the DC tax deduction is recaptured. https://www.dccollegesavings.com/home/faqs.html#collapseare-there-any-special-tax-benefi[/quote] We do this every year- make a contribution, then a few weeks later, roll it over to our Vanguard 529. The money doesn't have to sit for any specified amount of time as long as THE ACCOUNT is more than 2 years old. "If an account owner makes a non-qualified distribution or certain transfers or rollovers to another state’s program [b]within 2 years of opening the account[/b], the amount of the deduction may be "recaptured" and included in the account owner’s DC income." [/quote] Great info - thanks PP! - OP[/quote]
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