I have an assignment where I have to give responses on the article below the requirements for the responses are designed to expand the topics, "includes some new detail information, and/or clarifying details from additional research on that topic below. can you please include the references of the new sources you are sharing using citation format."?

A 529 plans or Qualified Tuition Programs (QTP) are tax-advantaged savings accounts intended to encourage participants to save money away to pay for future expenses associated with education. Tuition, fees, books, supplies, equipment, computer programs, internet access, and certain room and board expenses can all be paid for using money from a 529 plan. The designated beneficiary or the designated beneficiary's sibling can take advantage of a 529 plan to pay for qualified student loans up to a maximum of $10,000 in principal and interest. (irs.org) when funds are not entirely spent for school, Kelley argues that the major worry with 529 plans is "what to do with the remaining..." Until now, the possibilities were confined to two choices, either withdraw the remaining funds and incur a 10% penalty or use up to $10,000 to pay for a qualified student loan or transfer it to another family member for education needs. With the passage of the SECURE 2.0 Act by the IRS (Internal Revenue Service), 529 account holders can now roll over their leftover funds into Roth IRAs, subject to certain restrictions. A 529 beneficiary may transfer a maximum of $35,000 over their lifetime under the new rule. In addition, the account must have been open for at least 15 years, no contributions or earnings from the previous five years may be transferred, and transfers are subject to the annual Roth IRA contribution limits (although there is no upper income limit). Despite its drawbacks, the updated "the new 529-to-Roth IRA transfer rule allows greater flexibility in saving for the Educational needs of children by eliminating the need for a qualified plan user" to predict exactly how much a child will require to pay for their future schooling\" while allowing contribution to an IRA (Long, 2023). Reference: Kelley C. Long, C. (2023, March 6). Saving for coilege: transfer rate. Journal of Accountancy. https://www.journalofaccountancy.comews/2023/mar/saving- 529-to-roth-irs-transfer-ruIe.htm| The new 529-to-roth IRA college-new- About publication 970, tax benets for Educaon. Internal Revenue Service. (n.d.). https://www.irs.gov/forms-pubs/about-publication97O