Sentences with phrase «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.

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.

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.

Earnings on nonqualified withdrawals may be subject to federal income tax and a 10 % federal penalty tax, as well as state and local income taxes.

Without a change to the definition, such rollovers could be categorized as nonqualified withdrawals.

The principal portion of nonqualified withdrawals from this plan are included in Ohio taxable income to the extent of prior Ohio tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in West Virginia taxable income to the extent of prior West Virginia tax deductions.

Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.

footnote ** Earnings on nonqualified withdrawals may be subject to federal income tax and a 10 % federal penalty tax, as well as state and local income taxes.

«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.

footnote ** Earnings on nonqualified withdrawals may be subject to federal income tax and a 10 % federal penalty tax, as well as state and local income taxes.

Important notice: Nonqualified withdrawals will be subject to the following tax consequences:

Student loan repayment does not count as a qualified higher education expense, so any 529 funds used for repayment will be considered a nonqualified withdrawal and subject to applicable taxes and tax penalties.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Utah taxable income to the extent of prior Utah tax deductions or Utah tax credits.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Georgia taxable income to the extent of prior Georgia tax deductions.

The principal portion of rollovers and nonqualified withdrawals from this plan within two taxable years of the contribution are included in Rhode Island taxable income to the extent of prior Rhode Island tax deductions.

The principal portion of rollovers and nonqualified withdrawals from this plan are subject to New York tax to the extent of prior New York tax deductions, but only after removal of non-deducted contributions.

The principal portion of rollovers, qualified withdrawals within three years of establishing the account, and nonqualified withdrawals from this plan are subject to Montana tax at the highest Montana marginal rate to the extent of prior Montana tax deductions, but only after removal of non-deducted contributions.

A nonqualified withdrawal or rollover in the same year as the contribution will reduce the amount eligible for the Oklahoma deduction.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Iowa taxable income to the extent of prior Iowa tax deductions.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Nebraska taxable income to the extent of prior Nebraska tax deductions.

An account owner must pay with the Indiana tax return a tax equal to the 20 percent of a nonqualified withdrawal from this plan, to the extent of Indiana tax credits previously claimed.

The principal portion of nonqualified withdrawals from this plan are included in Michigan taxable income to the extent of prior Michigan tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in Maryland taxable income to the extent of prior Maryland tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in Missouri taxable income to the extent of prior Missouri tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in Louisiana taxable income to the extent of prior Louisiana tax deductions.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in New Mexico taxable income to the extent of prior New Mexico tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in Massachusetts taxable income to the extent of prior Massachusetts tax deductions.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Virginia taxable income to the extent of prior Virginia tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in Oregon taxable income to the extent of prior Oregon tax deductions.

Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability and withdrawals made on account of the beneficiary's receipt of a scholarship.

The principal portion of nonqualified withdrawals from this plan are included in Mississippi taxable income to the extent of prior Mississippi tax deductions.

The principal portion of nonqualified withdrawals from this plan are included in Kansas taxable income to the extent of prior Kansas tax deductions.

The principal portion of nonqualified withdrawals from this plan, and rollovers within two years of account opening, are included in District of Columbia taxable income to the extent of prior District of Columbia tax deductions.

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Colorado taxable income to the extent of prior Colorado tax deductions.

Nonqualified withdrawals for this purpose do not include withdrawals eligible for federal penalty waiver.

Nonqualified withdrawals for this purpose include rollovers but do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.

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, or rollovers.

A nonqualified withdrawal or rollover during the five - year carryover period will reduce the amount of any carryover deduction.

A nonqualified withdrawal from an Alabama 529, plus 10 percent of the amount of the withdrawal, is included in Alabama taxable income to the extent of prior Alabama tax deductions.

An account owner must pay with the Indiana tax return a tax equal to the lesser of 20 percent of a nonqualified withdrawal from this plan, or the excess of (a) the total amount of all Indiana state income tax credits claimed by any contributor to the account for all taxable years beginning on or after January 1, 2007 over (b) the total amount of any repayments made for all taxable years beginning on or after January 1, 2008.

Nonqualified withdrawals from this plan are subject to recapture, to the extent of Vermont tax credits previously claimed.

The principal portion of nonqualified withdrawals from this plan are included in Arizona taxable income to the extent of prior Arizona tax deductions.

If you must make a nonqualified withdrawal, limit the size.

Instead of closing your account by making a nonqualified withdrawal of your funds, you can change the account beneficiary without harmful tax consequences, as long as the new beneficiary is a member of the family of the previous beneficiary.

Fortunately, there are options that can help you avoid or minimize the unpleasant tax consequences of making a nonqualified withdrawal of funds from your account.

Internal Revenue Service rules allow account owners to make a nonqualified withdrawal of funds up to the amount of the scholarship without being required to pay a 10 percent federal tax penalty on the portion of the withdrawal that is earnings.

Federal income tax, a 10 % federal tax penalty, and state income tax and penalties may apply to nonqualified withdrawals of earnings.

This is especially important to consider before contributing money to a 529 savings plan because of the taxes and penalties on nonqualified withdrawals.

Nonqualified withdrawals are similar to traditional IRAs and the interest or earnings portion of the fund is taxed as income as well as assessed a 10 % penalty tax for premature withdrawal.