Outgoing Rollovers Sample Clauses
Outgoing Rollovers. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Section, a distributee may elect, at the time and in the manner prescribed by the Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.
Outgoing Rollovers. No portion of an Outgoing Rollover, including any earnings, is includable in the gross income of the Account Owner.
Outgoing Rollovers. A withdrawal from an Account may be made in the form of an Outgoing Rollover. Outgoing Rollovers are federal income tax free for the Beneficiary. Type of Outgoing Rollover Requirements
Outgoing Rollovers. The Program has received a letter from DTF advising that all Rollover Distributions from an Account to an account in a 529 plan outside of the Program that occur on or after January 1, 2003, will be treated as New York Non-Qualified Withdrawals for New York State tax purposes. This tax treatment applies without regard to whether the Rollover Distribution results in income for federal tax purposes. This means that any portion of the Rollover Distribution that is earnings or for which a previous income deduction was taken will be included in your New York State gross income for that tax year and will be subject to recapture of any previously taken New York State income deductions. ABLE Rollover Distributions are not subject to federal or New York State taxes or penalties. However, please consult a qualified tax or investment advisor about your personal circumstances prior to initiating a rollover. New York repealed its gift tax on January 1, 2000. The federal estate tax treatment of Account balances, contributions, withdrawals from Accounts, and changes in your Beneficiary of an Account governs the treatment of these items for New York estate tax purposes. If you are a New York City or City of Yonkers taxpayer, the discussion of tax consequences described above also applies when calculating taxable income for New York City personal income tax and the City of Yonkers resident income tax surcharge. Prospective Account Owners should consider the potential impact of income taxes imposed by jurisdictions other than New York State, the City of New York, and the City of Yonkers. Other state or local taxes may apply, including gift and estate taxes imposed by other states, depending on the residency or domicile of you or your Beneficiary. Non-New York taxpayers or residents should consult a qualified tax advisor about the applicability, if any, of state or local taxes in other jurisdictions and the applicability of New York State and local income, estate, and gift taxes. It is possible that a recipient of money withdrawn from the Advisor-Guided Plan may be subject to income tax on those withdrawals by the state where he or she lives or pays taxes. It is also possible that amounts rolled over into the Advisor-Guided Plan from a 529 plan outside of the Program may be subject to a tax imposed on the rollover amount by that other state. You should consult a qualified tax advisor regarding the state tax consequences of participating in the Advisor-Guided Plan. You should...