Sentences with phrase «for qualified beneficiaries»

Alternatively, the FDIC insures certain trust accounts up to $ 100,000 for each qualifying beneficiary (spouses, children, parents, siblings, grandchildren).

Not exact matches

These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of tax - qualified plans that contain cash or deferred arrangements or provide for matching contributions or employee contributions.

«Every withdrawal will include an earnings portion, meaning that if the owner makes a nonqualified withdrawal, he or she is going to pay a penalty tax on earnings unless the withdrawal qualifies for an exemption, such as the death or disability of the beneficiary,» he said.

Contributions can not be greater than the amount needed to pay the qualified education expenses for the designated beneficiary.

Tax Benefit: Earnings are tax - deferred, and distributions are tax - free (unless the amount is greater than the beneficiary's adjusted qualified education expenses for the year).

What It Is: A trust or custodial savings account designed to pay for the qualified education expenses of a designated beneficiary

With the recognition that estate planning is a cooperative task, the Council started as, and continues to be, a carefully selected group of qualified specialists in their own fields who have the necessary knowledge and experience to accomplish the broad goal of estate planning for the best interest of the client and his or her beneficiaries.

If you are not a taxpayer of the state offering the plan, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

You should read the disclosure document carefully before investing and consider whether your, or the beneficiary's, home state offers any state tax or other benefits that are only available for investments in its qualified tuition program.

As a military spouse I was made aware that Tricare beneficiaries qualify for a NO COST breast pump via Tricare.

Both types of accounts allow the account owner to set aside money to cover the qualified education expenses for the person who is designated as the beneficiary.

As long as you only make withdrawals to pay for the beneficiary's qualified education expenses such as tuition, books and room and board, balances remain tax free.

For most qualified education program beneficiaries, the amounts reported on the 1099 - Q aren't reported on a tax return.

Am I correct in concluding that qualified distributions to a non-spouse beneficiary from an inherited Roth IRA are not included in the beneficiary's income (same rule as for the IRA owner)(assuming that distributions are taken when required, thus avoiding the «excise tax»)?

A qualified distribution requires that you be age 59.5 up or disabled (or dead and the distribution to your beneficiary or estate) or some cases that the legislators decided it's okay for you to break the implied deal that you get the tax break only if you save for retirement: unusually high medical expenses, higher education, buying a first home, reservist called to active duty.

529 Plans have no age or income restrictions for contributions or withdrawals, and the only limit on contribution amounts is that the total contributions may not be greater than the amount needed to pay the beneficiary's qualified education expenses.

If the distributions are more than the beneficiary's qualified education expenses for the tax year, a portion of the distribution will be taxable to the beneficiary.

With an ESA, the money must be used to pay qualified education expenses for the account's beneficiary.

You should read the Investor Handbook carefully before investing and consider whether your, or the beneficiary's, home state offers any state tax or other benefits that are only available for investments in its qualified tuition program.

You can contribute to both a Coverdell ESA and a 529 college savings plan on behalf of the same beneficiary, as long as assets are not used to pay for the same qualified expenses.

Qualified beneficiaries must be offered coverage identical to that available to similarly situated beneficiaries who are not receiving COBRA coverage under the plan (generally, the same coverage that the qualified beneficiary had immediately before qualifying for continuation cQualified beneficiaries must be offered coverage identical to that available to similarly situated beneficiaries who are not receiving COBRA coverage under the plan (generally, the same coverage that the qualified beneficiary had immediately before qualifying for continuation cqualified beneficiary had immediately before qualifying for continuation coverage).

A change in the benefits under the plan for the active employees will also apply to qualified beneficiaries.

Under this measure, an RESP beneficiary is eligible to receive an EAP for up to six months after ceasing to be enrolled in a qualifying program, provided that the beneficiary would have qualified while still enrolled.

You should read the Investor Handbook carefully before investing and consider whether your, or the beneficiary's, home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in its qualified tuition program.

In general they offer tax free growth of savings to be used for «qualified» college expenses of the beneficiary.

If you are not a Nevada taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

- the Roth IRA investor must be 59 and 1/2 years or older at the time of the distribution - the Roth IRA investor becomes disabled at the time of taking the distributions - the Roth IRA investor dies and his / her beneficiary receives the assets contained in the plan - the distributions taken from the Roth IRA will be used in the purchase or building of a new home for the Roth IRA holder or qualified family member.

In this scenario, the taxpayers DO qualify for the exclusion, because the spouse who's under age 55 received the income as a result of being a beneficiary of someone who met the «over age 55» requirements for the exclusion.

Any amount you withdraw from the account to pay qualified education expenses for the account's beneficiary are tax free.

If you are taking a withdrawal to pay for qualified higher education expenses of the beneficiary, there will be no federal or Michigan income tax.

This form can be used for withdrawals for qualified higher education expenses of your beneficiary, non-qualified withdrawals, or withdrawals due to death, disability or scholarship.

A contribution to a 529 plan account is treated as a completed gift from the donor to the designated beneficiary of the account and qualifies for the annual federal gift tax exclusion of $ 15,000.

If you designate your spouse or partner as the beneficiary, the RRSP or RRIF will qualify for a tax - deferred «rollover» to the surviving partner's RRSP or RRIF.

If LDAP payments don't start by age 60, the beneficiary will no longer qualify for the Disability Tax Credit.

If you are taking a withdrawal to pay for qualified higher education expenses of the beneficiary, there will be no federal or California income tax.

A contribution to a 529 plan account is treated as a completed gift from the donor to the designated beneficiary of the account and qualifies for the annual federal gift tax exclusion ($ 15,000).

Although the rules provide that a RDSP has to be terminated by the end of the year following the year the beneficiary ceases to qualify for the DTC, the plan may be able to remain open if a medical practitioner certifies that it is likely that the beneficiary will be eligible for the DTC again in the foreseeable future.

On the termination of the plan (e.g., the beneficiary ceases to qualify for the disability tax credit or dies), the funds in the RDSP are then paid to the beneficiary or his / her estate.

But the amount of CDSG or CDSB a beneficiary can qualify for depends on family income, defined by the beneficiary's age.

The maximum amount of CDSG a beneficiary can qualify for is $ 3,500 per year and up to $ 70,000 over a beneficiary's lifetime.

An Education Savings Account (ESA - also known as a Coverdell ESA) is used to stash away funds for qualified education expenses for the Designated Beneficiary (the student).

(i) In general In the case of an individual who is an eligible student (as defined in section 25A (b)(3)-RRB- for any academic period, such term shall also include reasonable costs for such period (as determined under the qualified tuition program) incurred by the designated beneficiary for room and board while attending such institution.

Federal law requires that a 529 college savings plan must have safeguards to prevent contributions in excess of those necessary to provide for the qualified higher education expenses of the beneficiary, but does not otherwise specify a limit on contributions.

The contribution and termination period is extended by 10 years for beneficiaries who qualify for the disability tax credit (see topic 80).

This means potential investment returns earned in your account are available to pay for the qualified higher education expenses of your beneficiary.

Spouses and grantor trusts filing jointly can claim a 5 percent tax credit on contributions up to $ 3,840, for a maximum of $ 192 per qualified beneficiary.

Qualifying post-secondary tuition gives rise to a tax credit as well, which usually wipes out any potential tax implications of an RESP withdrawal for most RESP beneficiaries.

A beneficiary can qualify for grants of 20 % or more of a contribution, subject to both annual and lifetime limits, historical contributions, age, income and province or territory of residence.

In addition to children or grandchildren related by blood, a child or grandchild who is adopted qualifies as a beneficiary for a family RESP.

If you are not a Nevada or Iowa taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.