Qualified Withdrawals Sample Clauses
Qualified Withdrawals. A withdrawal used to pay Qualified Higher Education Expenses of the Designated Beneficiary is a Qualified Withdrawal.
Qualified Withdrawals. It is the Account Owner’s and Beneficiary’s responsibility, as applicable, to obtain and retain documents related to the withdrawal to substantiate the withdrawal classification to the Internal Revenue Service.
Qualified Withdrawals. If a Qualified Withdrawal is made from an account, no portion of the distribution is includable in the gross income of the Account Owner. A Qualified Withdrawal is a withdrawal that is solely used to pay the Account Owner’s Qualified Disability Expenses.
Qualified Withdrawals. If a Qualified Withdrawal is made from a STABLE Account, no portion of the distribution is includable in the gross income of the Beneficiary for purposes of federal and Ohio state income taxes. A Qualified Withdrawal is a withdrawal that is solely used to pay the Qualified Disability Expenses of the Beneficiary.
Qualified Withdrawals. A Qualified Withdrawal is a withdrawal from your STABLE Account that is used to pay for any Qualified Disability Expenses of the Beneficiary. Qualified Disability Expenses are any expenses that (1) are incurred at a time when the Beneficiary is an Eligible Individual,
Qualified Withdrawals. A withdrawal (of contributions and earnings) used for qualified higher education expenses of a beneficiary is not taxable for Connecticut income tax purposes. • Taxable Withdrawals A beneficiary may claim a deduction (in computing Connecticut adjusted gross income) for the amount of a taxable withdrawal to the extent the withdrawal is included in the beneficiary’s federal gross income. If a withdrawal from an Account is not used for the qualified higher education expenses of the beneficiary and is included in the federal gross income of a person other than the beneficiary, that person may not claim a deduction for any portion of that amount when computing Connecticut adjusted gross income. • Non-Qualified Withdrawals A beneficiary may claim a deduction (in computing Connecticut adjusted gross income) for the amount of a non-qualified withdrawal to the extent the withdrawal is included in the beneficiary’s federal gross income. If a withdrawal from an Account is not used for the qualified higher education expenses of the beneficiary and is included in the federal gross income of a person other than the beneficiary, that person may not claim a deduction for any portion of that amount when computing Connecticut adjusted gross income. • Rollover Distributions A rollover distribution is not taxable for Connecticut income tax purposes. Prospective Participants should consider the potential impact of income taxes imposed by jurisdictions other than Connecticut. It is possible that other state or local taxes apply to withdrawals from and/or accumulated earnings within the Program, depending on the residency or domicile or sources of taxable income of the Participant or Beneficiary. Participants and Beneficiaries should consult their tax advisors about the applicability, if at all, of state or local taxes of other jurisdictions and applicability of Connecticut income tax on Participants and Beneficiaries who are not Connecticut residents or with respect to transfers between Accounts of the Program and qualified tuition programs established by other states. The following provides a summary of the TIAA-CREF Institutional Mutual Funds in which certain of the Investment Options invest. If you would like more information on the Mutual Funds, then please consult the Mutual Funds’ prospectus. For copies of the prospectus, please contact the Program Manager at (888) 799-XXXX ((000) 000-0000) or visit xxx.xxxx-xxxx.xxx/xxxxxxxxxxxx/xxxxx.xxxx.
Qualified Withdrawals. The earnings portion (if any) of a Non-Qualified Withdrawal will be treated as ordinary income to the recipient and may also be subject to an additional 10% federal tax, as well as partial recapture of any Nebraska state income tax deduction previously claimed.
Qualified Withdrawals. A Qualified Withdrawal is a withdrawal from an Account used to pay for Qualified Disability Expenses. Qualified Withdrawals are federal income tax free for the Beneficiary. They are also California income tax free if the Beneficiary is subject to California income tax. Qualified Disability Expenses are any expenses incurred at a time when the Beneficiary is an Eligible Individual that relate to the blindness or disability of the Beneficiary, and are for the benefit of the Beneficiary in maintaining or improving his or her health, independence, or quality of life. Such expenses include, but are not limited to, expenses for education,
Qualified Withdrawals. Non-Qualified Withdrawals are all Withdrawals other than Qualified Withdrawals. Non-Qualified Withdrawals will be subject to federal income tax on the earnings and Virginia state income tax on the earnings for Virginia taxpayers, as well as a federal penalty of 10% of the earnings, reported on the taxpayer’s federal tax return. Non-Qualified Withdrawals may require the recapture of some or all amounts, if any, that the Account Owner deducted from his or her Virginia taxable income due to Contributions to an Invest529 Account. Non-Qualified Withdrawals due to a Beneficiary’s death, Disability or receipt of a scholarship (including attendance at a U.S. military academy) will not be subject to the 10% federal penalty on earnings. Scholarship Withdrawals are limited to the amount of the scholarship.
Qualified Withdrawals. A Non-Qualified Withdrawal is a withdrawal that is not a Qualified Withdrawal or an Outgoing Rollover. The earnings portion of a Non-Qualified Withdrawal is subject to federal income tax, possibly including the Additional Federal Tax. Non-Qualified Withdrawals may also be subject to state and/or local income tax. For those Beneficiaries subject to California income tax, the earnings portion of a Non-Qualified Withdrawal is subject to California income tax and the Additional California Tax. Form 1099-QA. For any year in which there is a withdrawal from an Account, CalABLE will provide an IRS Form 1099-QA. This form will set forth the total amount of the withdrawal and identify the earnings and principal portions of any withdrawal.