Sentences with phrase «qualified withdrawals within»
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.
https://www.savingforcollege.com/ Not exact matches
Qualified, in this case, would mean first - time home purchase by yourself, your spouse, your child, parent, or grandchild, made within 120 days of withdrawal (see first home in the above document).
The account owner will not be required to include any amount in computing D.C. taxable income as a result of a transfer of amounts from an account owner to the account of a different qualifying account owner, provided that in each case the new account owner is an eligible individual and a member of the family of the replaced account owner and the transfers occur either directly or by deposit to the new account in DC ABLE within 60 days of the withdrawal from the prior account.
The withdrawal can be sent directly to the Account Owner, the Beneficiary, or the specific school.Please note: Qualified withdrawals must occur within the same calendar year as the expenses to avoid potential penalties.