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 Non-Qualified Withdrawal is any withdrawal that does not meet the requirements of being: (1) a Qualified Withdrawal; or (2) a rollover from a STABLE Account to another ABLE Account or out of the Plan. The earnings portion of a Non-Qualified Withdrawal is subject to federal income taxation and the Additional 10% Tax except in certain limited circumstances. See “Tax Considerations” for more information. Information regarding the Ohio income taxation of withdrawals from a STABLE Account may be found in “Tax Considerations.” Information regarding tax treatment in Partner States may be found in the Partner State Supplements at the end of this Plan Disclosure Statement. This Plan Disclosure Statement does not address the potential effects of the tax laws of any states other than Ohio and Partner States. You should consult a qualified tax advisor regarding how both state and federal tax laws may apply to your particular circumstances. A tax-free Rollover of funds into an ABLE Account from a STABLE Account may be made as described herein if the Beneficiary of the recipient account is the same Beneficiary or a Sibling of the Beneficiary – as defined by Code Section 529A – who is an Eligible Individual. Both a Direct and an Indirect Rollover can be initiated by completing the ABLE to ABLE Rollover Form and delivering the completed Form to the STABLE Account Plan Manager. In the case of an Indirect ABLE to ABLE Rollover, the STABLE Account from which amounts were rolled, or taken from, must be closed as of the 60th day after the amount was distributed from the STABLE Account in order for the account that received the Rollover to be treated as an ABLE Account. If the account that receives the transfer is not treated as an ABLE Account, the account will not be eligible for the benefits of ABLE Accounts. For example, the account will not be disregarded for determining eligibility under federal means-tested programs, such as SSI, and could result in the imposition of federal taxes and penalties. To avoid any potential disqualification of an ABLE Account in the Plan, the Plan requires you to certify that the ABLE Account from which a Rollover is being made into the Plan has been closed before the ABLE Account in the Plan is opened. A tax-free Rollover of funds into a STABLE Account from a qualified College 529 plan may be made as described herein if the Beneficiary of the recipient account is the same Beneficiary or a Sibling of the Beneficiary – as defined by the Colle...
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. 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.
Qualified Withdrawals. If a Qualified Withdrawal is taken from an Account, no portion of the withdrawal, including any earnings, is included in the gross income of the Account Owner.
