Sentences with phrase «for qualified expenses»

Earnings not used for qualified expenses will be subject to federal and state taxes, plus a 10 percent penalty.

Money deposited into a 529 is neither taxed when it accrues interest, nor when it is withdrawn for qualified expenses.

The money you save can be deposited, and used for qualified expenses.

Trip delay reimbursement Be reimbursed for qualified expenses such as lodging and meals if your flight is delayed.

You can use the money for qualified expenses at elementary and secondary schools, as well as colleges — whether private, public, secular or religious.

When money is withdrawn from an account and not used to pay for qualified expenses of the designated beneficiary, the recipient of the money must add all amounts withdrawn to Idaho taxable income (if not included in federal adjusted gross income) in the year of the withdrawal.

Earnings on a distribution not used for qualified expenses may be subject to income taxes and a 10 % federal penalty.

Distributions for Qualified Expenses When distributions from an HSA are used to pay for qualified medical expenses of the account owner, his or her spouse, or dependents, the distributions are excluded from gross income — even if the individual is not currently eligible to make HSA contributions and / or does not itemize his deductions on his federal income taxes.

1 If you do not use the assets in your account for qualified expenses, the earnings portion of the withdrawal is subject to federal income tax and an additional 10 % federal tax and may be subject to state and local taxes.

Use your money for qualified expenses at any eligible school in the United States or abroad.

To claim a credit for qualified expenses, you must provide care for one or more qualifying persons.

Distributions not used for Qualified Expenses Distributions not used for qualified medical expenses are includable in gross income and, for applicants under age 65, subject to an additional 10 % tax.

State tax incentives, such as state tax deductions for contributions and tax - free withdrawals for qualified expenses.

These plans also allow the employee to set aside payroll - exempt earnings, transferring them into an account designated for qualified expenses.

Similar to a qualified tuition plan, ABLE accounts grow tax free and funds used to pay for qualified expenses are distributed tax free.

Further, there are a number of exceptions to the 10 % penalty on withdrawn earnings not used for qualified expenses.

You can use your savings to pay for qualified expenses such as tuition, fees, certain room and board, required books and supplies, and certain computer equipment, software, and Internet access.

You can also use your account balance to pay for qualified expenses not covered by the scholarship, such as room and board, books and required supplies, computers and software and internet access, and more.

Yes, the funds are taxed as regular income if not used for qualified expenses after the age of 65, but you can also use the funds to reimburse any eligible medical expense incurred since you first qualified for the HSA.

Withdrawals from 529 plans are tax - free when used for qualified expenses.

Withdrawals used for qualified expenses are federally tax free.

Specifically, 529 accounts can now be used to pay for qualified expenses in K - 12 schools, including private schools and religious schools.

Beginning in 2002, EIRA proceeds may also be used free of tax and penalty to pay for the qualified expenses of a kindergarten through 12th grade education in public, private, and / or religious schools.

LTCI provides a reimbursement for qualified expenses, such as in - home care, nursing facilities, adult day care, home modifications and assisted living facilities.

I would say that under $ 1000 of that money was actually used for qualified expenses, and the rest was spent on other things.

Withdrawals used for qualified expenses are federally tax - free.

The HSA is unique in that you deposit pretax dollars (like a traditional IRA or 401 (k)-RRB- yet withdrawals for qualified expenses come out tax free (like a Roth).

The funds in the savings account can be spent tax free for qualified expenses.

Trip delay reimbursement Be reimbursed for qualified expenses such as lodging and meals if your flight is delayed.

Per IRS regulations, if your stipend is not paying you for qualified expenses (primarily, tuition and books; explicitly not room and board or travel), it is taxable.

Savings can be used for qualified expenses at eligible public or private colleges, universities or vocational schools.

If you use your account for qualified expenses, earnings are also exempt from federal and Colorado State taxes.

NextGen account funds can be used for qualified expenses at eligible higher education institutions.

Are used to pay for the qualified expenses of higher education for the IRA owner and / or eligible family members.

Keep receipts and other documentation to show that you used the withdrawal for qualified expenses.

Any earnings withdrawn that are not used for qualified expenses are subject to federal income tax and a 10 % additional federal tax and may also be subject to state income taxes.

ESA withdrawals are completely tax free as long as you use the money for qualified expenses for students enrolled in an eligible program.

You must use the funds for qualified expenses by the end of year or risk losing the money.

This means any growth from your principal investments in a 529 plan used for qualified expenses will never be included in your income tax.

In the event a condo becomes uninhabitable, loss of use coverage reimburses policyholders for qualified expenses.

Some schools award grants and scholarships that aren't allowed to be used for qualified expenses; those must also be reported as income.

This includes tax - free growth and withdrawals for qualified expenses.

One advantage of a 529 is that I can use all of it (including earnings) for qualified expenses tax - free, but if I wanted to withdraw earnings from the Roth I would have to pay a penalty (right)?

Most college savings accounts allow for funds to only be used for qualified expenses and, in most cases, that does not include housing that is off campus.

This would include the case if you use your FSA for qualified expenses but don't provide sufficient documentation.

Distributions from the account are tax - free if you use the money for qualified expenses like room and board.

The shareholder is responsible for reporting to the IRS how a redemption was used for qualified expenses.

You are permitted to take the deduction for qualified expenses even if you paid for them with borrowed money.

A 529 plan allows you to invest money tax - free as long as you only use the withdrawals for qualified expenses.

Opportunity scholarships, which are available to current low - income District residents, first pay for tuition, with any remaining amount available for qualified expenses.