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Phrases with «nonqualified withdrawals»

"Nonqualified withdrawals" refers to taking money out of a specific account, such as a retirement or education savings account, in a way that does not meet the requirements or conditions set by the account. This can result in penalties or taxes being imposed on the withdrawn funds. Full definition

Sentences with «nonqualified withdrawals»

  • The principal portion of nonqualified withdrawals from this plan are included in South Carolina taxable income to the extent of prior South Carolina tax deductions. (savingforcollege.com)
  • The principal portion of nonqualified withdrawals from this plan, and of rollovers to another 529 plan within one year of the date of contribution, are included in Oklahoma taxable income to the extent of prior Oklahoma tax deductions. (savingforcollege.com)
  • Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability, withdrawals made on account of the beneficiary's receipt of a scholarship. (savingforcollege.com)
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