Q30. Does the Internal Revenue Service provide a publication that contains more information on Xxxxxxxxx ESAs? A30: Yes. IRS Publication 970, Tax Benefits for Higher Education, contains information regarding the Xxxxxxxxx ESA, as well as claiming the Hope Credit, Lifetime Learning Credit, student loans, penalty-free withdrawals from IRAs for certain education expenses, employer-provided educational assistance and qualified state tuition programs. The Custodian recommends that the Depositor, Designated Beneficiary and/or Responsible Individual read Publication 970 before making contributions to or taking distributions from a Xxxxxxxxx ESA. Publication 970 can be downloaded from the IRS web site at xxx.xxx.xxx.
Q30. Does the Internal Revenue Service provide a publication that contains more information on Xxxxxxxxx ESAs? A30: Yes. IRS Publication 970, Tax Benefits for Higher Education, contains information regarding the Xxxxxxxxx ESA, as well as claiming the Hope Credit, Lifetime Learning Credit, student loans, penalty-free withdrawals from IRAs for certain education expenses, employer-provided educational assistance and qualified state tuition programs. The Custodian recommends that the Depositor, Designated Beneficiary and/or Responsible Individual read Publication 970 before making contributions to or taking distributions from a Xxxxxxxxx ESA. Publication 970 can be downloaded from the IRS web site at xxx.xxx.xxx. Q31: Can payments received from a military death gratuity or a payment from Servicemember’s Group Life Insurance (SGLI) be contributed to a Xxxxxxxxx ESA? A31: Yes, if you received a military death gratuity or a payment from the SGLI after October 6, 2001, you may roll over all or part of the amount received to one or more Xxxxxxxxx ESAs for the benefit of members of the beneficiary’s family. Such payments are made to an eligible survivor upon the death of a member of the armed forces. The contribution to a Xxxxxxxxx ESA from survivor benefits received after June 16, 2008, cannot be made later than 1 year after the date on which you receive the gratuity or SGLI payment. If you received survivor benefits before June 17, 2008, with respect to a death from injury occurring after October 6, 2001, you could have contributed to a Xxxxxxxxx ESA no later than June 17, 2009. The amount contributed from the survivor benefits is treated as part of your basis in the Xxxxxxxxx ESA and will not be taxed when distributed. Also, the one rollover per Xxxxxxxxx ESA during a 12-month period does not apply to a military death gratuity or SGLI payment. The Custodian has provided the depositor with a concise statement disclosing the provisions governing section 530. This disclosure statement must include an explanation of the statutory requirements applicable to, and the income tax consequences of establishing and maintaining an account under section 530. Providing the depositor with a copy of Notice 97-60, 1997-2 C.B. 310, is considered a sufficient disclosure statement. The depositor and the Custodian make the following agreement:
Q30. What if I withdraw my election and then decide again that I want to participate in this Offer?
Q30. Can you change your election regarding options you have elected to exchange?
