“I thought the IRS allowed only one investment change per year. What happened to that rule?”
The IRS expanded the number of changes from once-per-year to twice-per-year in 2009, but only for 2009 (IRS Notice 2009-1). This was when the stock and bond markets were in turmoil and more flexibility was being sought by many account owners. Then, in 2014, President Barack Obama signed into law the Achieving a Better Life Experience (ABLE) Act. That law introduced ABLE accounts, but also augmented existing 529 plans, making the ability to perform two investment changes per year permanent.
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