Beneficiary income definition

Beneficiary income means any amount paid by a trust to a beneficiary of the trust other than a distribution of the corpus of the trust.
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Beneficiary income means any amount paid by a trust to a beneficiary of the trust other
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Examples of Beneficiary income in a sentence

  • In the event that the assets and income of the AFT account are insufficient to pay for the special needs of the Life Beneficiary, income accumulated in the Alabama Family Trust Charitable Trust may be available to meet some of the special needs of the Life Beneficiary.

  • Beneficiary income they receive from any trust will be taxable in New Zealand, at their normal income tax rates.To calculate normal income tax rates the trustee must first calculate the tax payable on the total taxable income of the beneficiary and then determine the portion referable to just the beneficiary’s income and taxable distributions.

  • Beneficiary income is taxed at the beneficiary’s marginal rates6 (subject to the minor beneficiary rule).

  • This has resulted in inaccurate leveraging data for the CDBG program.– Beneficiary income data is inaccurate.

  • Beneficiary income, which falls within the „minor beneficiary rule‟ is taxed at 33% and excluded from the minor beneficiary‟s gross income (as this distribution is treated as trustees income for payment, rate and return purposes).

  • Beneficiary income is taxed at the particular rate of tax applying to the beneficiary concerned.

  • Beneficiary income or trust distributionsDistributions from foreign trusts to a New Zealand resident beneficiary will generally be taxable, unless they represent realised capital gains or the corpus of the trust.

  • Beneficiary income they receive from any trust will be taxable in New Zealand, at their normal income tax rates.Beneficiaries under 16 may be subject to special rules.

  • During the term of each Discretionary Trust, the trustee may distribute to the Beneficiary income and principal for the support and reasonable comfort, medical care and education of the Beneficiary prior to the beneficiary attaining age 30, and for the best interests of the Beneficiary after attaining age 30.

  • At the time of payout, distribution, or withdrawal by a Participant or Beneficiary, income taxes will be due in that tax year.

Related to Beneficiary income

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Beneficiary(ies means the individual or individuals designated in the Application by the Subscriber(s) to whom, or on whose behalf, Educational Assistance Payments are agreed to be paid, provided such individual qualifies under the Applicable Legislation and the Plan at the time such payments are made;

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • land reform beneficiary , in relation to a property, means a person who -

  • Beneficiary Designation Form means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Individual Account Means the account established and maintained under this Plan for each Participant in accordance with Section 4.01.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Beneficiary designation means the naming in a governing instrument of a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), of a pension, profit-sharing, retirement, or similar benefit plan, or of another nonprobate transfer at death.

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • SERP Benefit means the benefit described in Section 5.1.