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Tax and financial planning news from around the web: May 15 – 19, 2023

Written on May 19, 2023

New York and California lost over $90 billion in income to low-tax states during Covid 
Experts say that while the income migration from high-tax states to low-tax likely slowed in 2022 and 2023 from the pandemic highs, higher-tax states will continue to see outflows of high earners, thanks in part to remote work and white-collar job growth in the sun belt. 

More flexibility for Section 529 plans 
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.