Can I roll over money from a retirement account into an Embark account without a penalty?
No. Contributions to an Embark account are not considered rollovers.
Can I roll over my Embark account into an Oregon ABLE Savings Plan?
Yes! Funds from an Embark account can be rolled over into a beneficiary or eligible family member's ABLE account without any penalties.
How can I roll over funds from another 529 College Savings Plan into my Embark account?
Download and complete our Rollover Form to transfer funds.
Are there any rollover fees?
Yes, there is a $25 rollover fee for transferring funds out of Embark and into a different college savings plan.
How can I roll over the funds in my Embark account into another 529 college savings plan?
You can choose to roll over part or all of the funds in your Embark account into another 529 plan by filling out a rollover form from your new 529 College Savings Plan.
Can I transfer assets in a Coverdell Education Savings Account to an Embark account?
Yes, you can transfer Coverdell Education Savings Account (ESA) funds into your Embark account by using our Rollover Form.
Can I make a tax-free rollover from a 529 (college savings) account to a Roth IRA?
Yes. The rollover must be to a Roth IRA account in the name of the Embark beneficiary, not in the name of the account owner/participant.
Which 529 funds can be rolled over into a Roth IRA tax-free?
Funds contributed more than five years before the requested rollover date can be rolled over tax-free.
How much can I rollover from a 529 account to a Roth IRA tax-free?
Rollover amounts are subject to annual contribution limits applicable to Roth IRAs. The 2025 limit is $7,000.
Does my beneficiary have to be over the age of 15 to qualify for a rollover to a Roth IRA?
There is no beneficiary age requirement. However, the beneficiary of the Embark account must be the same as the owner of the Roth IRA account.
How do I roll a 529 account into a Roth IRA?
Fill out this form to request a tax-free rollover to your Embark account.
Can I make a rollover from my 529 account to a Roth IRA account with my state’s auto-enrollment retirement savings program?
Yes, beginning on January 1, 2024, you can make a tax-free rollover from your Embark account to your OregonSaves account.
Can I make a tax-free rollover from a 529 account to a Roth IRA for the prior year?
Contributions made before April 15, 2027, may be eligible for tax-free status.
Do existing IRA compensation requirements apply to the 529 beneficiary when making a 529-to-Roth IRA rollover?
The beneficiary of the Embark account/Roth IRA owner will be held to earned income requirements when performing a 529-to-Roth IRA rollover.
How do account changes made in the last 15 years impact eligibility for a tax-free 529-to-Roth IRA rollover?
Embark does not currently have information on whether account changes may impact the 15-year requirement for a tax-free rollover.
Can I simply take a withdrawal from my 529 account, cash the check and then make a check payable to my Roth IRA custodian?
No, indirect rollovers are not permitted. You must request a direct trustee-to-trustee transfer.