Federal Qualified Withdrawal definition

Federal Qualified Withdrawal means a withdrawal from an Account that is used to pay the Federal Qualified Higher Education Expenses of the Beneficiary. A Federal Qualified Withdrawal generally is not subject to federal or Illinois state income tax, but a Federal Qualified Withdrawal that is also an Illinois Nonqualified Withdrawal may trigger recapture of any Illinois income tax deduction claimed for Contributions to the Account. Fee Structure A or C means the fee structure selected by Account Owners who establish an Account with the involvement of a broker or financial advisor as described in the Participation Agreement. Fee Structure E means the Fee Structure available to Account Owners contributing through an employer-sponsored option. Fee Structure F means the fee structure available only to Account Owners who establish an Account through registered investment advisors or other financial advisors who are not compensated through commissions, but rather through payment of an hourly fee or a percentage of assets under management. Fee Structure G is closed to new investors. Only Account Owners who purchased Units prior to July 23, 2007 and whose broker of record remains Citigroup Global Market Inc. or Xxxxxx Xxxxxxx Xxxxx Xxxxxx LLC are eligible to purchase Class G Units on or after July 23, 2007 in existing Accounts. If an Account Owner’s broker of Fee Structure H is closed to new investors. Only Account Owners who purchased Units prior to July 23, 2007 through brokers other than Citigroup Global Market Inc.’s Xxxxx Xxxxxx division may purchase Class H Units on or after July 23, 2007 in existing accounts. Illinois Nonqualified Withdrawal means any withdrawal from an Account to the extent it is not (i) used for Illinois Qualified Expenses for the Beneficiary, (ii) resulting from the Beneficiary’s death or disability, (iii) a rollover to another account in the Pool or
Federal Qualified Withdrawal means a withdrawal from an account that is used to pay the Federal Qualified Higher Education Expenses of the Beneficiary. FINRA means the Financial Industry Regulatory Authority, Inc. Investment Option means any of the Investment Options available under the Plan. An account owner must designate an Investment Option or Options on the Enrollment Form for each account. The Plan currently has Age-Based and Static Investment Options. See “Part 6 – Investment Options Overview.”
Federal Qualified Withdrawal means a withdrawal from an account that is used to pay the Federal Qualified Higher Education Expenses of the Beneficiary.

Examples of Federal Qualified Withdrawal in a sentence

  • Under current law, federal income taxes on investment earnings are deferred while in an Account, and such earnings are free from federal and Illinois state income tax if they are distributed as part of a Federal Qualified Withdrawal.

  • Federal Qualified Withdrawals from your Account are generally free from federal and Illinois state income tax, but a Federal Qualified Withdrawal that is also an Illinois Nonqualified Withdrawal may trigger recapture of any Illinois income tax deduction claimed for Contributions to the Account.

  • The account owner or Beneficiary, not the Plan nor the Program Manager, is solely responsible for determining if a withdrawal is Federal Qualified Withdrawal or Federal Non-Qualified Withdrawal and whether a federal penalty applies.

  • The Account Owner or Beneficiary is responsible for determining whether a distribution from an Account is a Federal Qualified Withdrawal, a Federal Nonqualified Withdrawal and/or an Illinois Nonqualified Withdrawal and for paying any applicable taxes or penalties.

  • Therefore, if a withdrawal is made for such purposes, although it is a Federal Qualified Withdrawal, it will be treated as a Nebraska Non-Qualified Withdrawal and may result in the recapture of a previously claimed Nebraska state income tax deduction, and the earnings portion will be subject to Nebraska state income tax.

  • A Federal Qualified Withdrawal may be distributed as follows: Because money in your account may be withdrawn free from federal income tax only if it is used to pay the Beneficiary’s Federal Qualified Higher Education Expenses, you should retain documentation of all of the Beneficiary’s Federal Qualified Higher Education Expenses for your records.

  • If a Federal Qualified Withdrawal is made from an account, no portion of the distribution is includable in the federal gross income of the account owner or the Beneficiary.

  • There are two primary federal income tax advantages to investing in a 529 qualified tuition program, such as the Plan: The federal tax treatment of a withdrawal from an account will vary depending on the nature of the withdrawal, that is, whether the withdrawal is a Federal Qualified Withdrawal or a Federal Non-Qualified Withdrawal.

  • For federal tax purposes, each of a distribution to pay K-12 Tuition Expenses up to $10,000 annually, a distribution to pay Apprenticeship Program Expenses, and a distribution to make Qualified Education Loan Repayments is considered a Federal Qualified Withdrawal and is, therefore, free from federal taxes and penalties.

  • There are three main Nebraska income tax advantages to investing in the Plan: A Federal Qualified Withdrawal is a withdrawal that is solely used to pay the Federal Qualified Higher Education Expenses of the Beneficiary.


More Definitions of Federal Qualified Withdrawal

Federal Qualified Withdrawal. A withdrawal from an Account that is used to pay Qualified Higher Education Expenses, K-12 Tuition Expenses (up to
Federal Qualified Withdrawal means a withdrawal from an Account that is used to pay the Federal Qualified Higher Education Expenses of the Beneficiary. A Federal Qualified Withdrawal generally is not subject to federal or Illinois state income tax, but a Federal Qualified Withdrawal that is also an Illinois Nonqualified Withdrawal may trigger recapture of any Illinois income tax deduction claimed for Contributions 7 to the Account. Illinois Nonqualified Withdrawal means any withdrawal from an Account to the extent it is not (i) used for Illinois Qualified Expenses for the Beneficiary, (ii) resulting from the Beneficiary’s death or disability, (iii) a rollover to another account in the Pool or (iv) effective for periods prior to January 1, 2026, a rollover to an ABLE Account administered by Illinois, subject to the contribution limits for ABLE accounts. In the event of an Illinois Nonqualified Withdrawal the amount of any deduction previously taken for Illinois income tax purposes (or a portion of such amount) is added back in determining Illinois base income. Illinois Qualified Expenses means
Federal Qualified Withdrawal means a withdrawal from an account that is used to pay the Federal Qualified Higher Education Expenses of the Beneficiary. FINRA means the Financial Industry Regulatory Authority, Inc. Individual Fund Investment Option means an Investment Option that invests in a single Underlying Investment. Account owners do not own shares of the Underlying Investment but, rather, own an interest in the Investment Option means any of the Investment Options available under the Plan. An account owner must designate an Investment Option or Options on the Enrollment Form for each account. The Plan currently has Age-Based, Static and Individual Fund Investment Options. See “Part 6 – Investment Options Overview.”
Federal Qualified Withdrawal means a withdrawal from an Account that is used to pay the Federal Qualified Higher Education Expenses of the Beneficiary. A Federal Qualified Withdrawal generally is not subject to federal or Illinois state income tax, but a Federal Qualified Withdrawal that is also an Illinois Nonqualified Withdrawal may trigger recapture of any Illinois income tax deduction claimed for Contributions to the Account. Illinois Nonqualified Withdrawal means any withdrawal from an Account to the extent it is not (i) used for Illinois Qualified Expenses for the Beneficiary, (ii) resulting from the Beneficiary’s death or disability, (iii) a rollover to another account in the Pool or (iv) effective for periods prior to January 1, 2026, a rollover to an ABLE Account administered by Illinois, subject to the contribution limits for ABLE accounts. Under current Illinois law, a Xxxx XXX Xxxxxxxx would also be an Illinois Nonqualified Withdrawal. In the event of an Illinois Nonqualified Withdrawal the amount of any deduction previously taken for Illinois income tax purposes (or a portion of such amount) is added back in determining Illinois base income.

Related to Federal Qualified Withdrawal

  • Qualified withdrawal means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account.

  • Nonqualified withdrawal means a withdrawal from an account that is not:

  • Cash Withdrawal means a disbursement of funds in any currency from any Account out of the balance in your favour (whether or not in the form of cash) made or obtained through or in connection with any Citibank ATM/ Debit Card.

  • National Financial Emergency means the whole or any part of any period set forth in Section 22(e) of the 1940 Act. The Board of Trustees may, in its discretion, declare that the suspension relating to a national financial emergency shall terminate, as the case may be, on the first business day on which the New York Stock Exchange shall have reopened or the period specified in Section 22(e) of the 1940 Act shall have expired (as to which, in the absence of an official ruling by the Commission, the determination of the Board of Trustees shall be conclusive);

  • Qualified Election means a Participant's waiver of a Qualified Joint and Survivor Annuity or a Qualified Pre-Retirement Survivor Annuity. Any such waiver must be consented to in writing by the Participant's Spouse. The Spouse's consent must: designate a specific Beneficiary (including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent) or expressly permits designations by the Participant without any further spousal consent; acknowledge the effect of the election; and be witnessed by a member of the Committee or a Notary Public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent). Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of a member of the Committee that there is no Spouse or the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any spousal consent (or deemed spousal consent) obtained under this provision will be valid only with respect to such Spouse. A consent that permits designations by the Participant without further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary and, where applicable, a specific form of benefit, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in paragraph (b) below.

  • Market Participant Energy Withdrawal means transactions in the Day-ahead Energy Market and Real-time Energy Market, including but not limited to Demand Bids, Decrement Bids, real-time load (net of Behind The Meter Generation expected to be operating, but not to be less than zero), internal bilateral transactions and Export Transactions, as further described in the PJM Manuals.

  • Regular election means an election held on a regular election date to elect an individual to, or nominate an individual for, elective office in the regular course of the terms of that elective office.

  • Required Withholding Amount has the meaning specified in Section 5 of this Agreement.

  • Qualified Election Period means the six Plan Year period beginning with the Plan Year in which the Participant first becomes a Qualified Participant.

  • Market Withdrawal means a Person’s Removal or Correction of a distributed product which involves a minor violation that would not be subject to legal action by the FDA or which involves no violation, e.g., normal stock rotation practices, routine equipment adjustments and repairs, etc.

  • Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the following events:

  • Qualified elector means an individual at least 18 years of age who is a citizen of the United States, a permanent resident of this state, and a resident of the district who registers with the supervisor of elections of a county within which the district lands are located when the registration books are open.

  • Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

  • Voluntary Withdrawal means a Member’s dissociation with the Company by means other than by a Transfer or an Involuntary Withdrawal.

  • Qualified GIC A guaranteed investment contract or surety bond providing for the investment of funds in the Custodial Account and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall:

  • Automatic Investment Plan/Dividend Reinvestment Plan means a program in which regular purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans.

  • Suspension/Withdrawal Event means, in respect of the Benchmark:

  • Federally Qualified Health Center means a non-administrative medical facility with a fixed permanent location that is identified on the following search engines and offers health services on a sliding scale payment system: http://findahealthcenter.hrsa.gov or http://www.ihs.gov/ or http://www.aachc.org/.

  • Public health emergency means an emergency with respect to COVID–19 declared by a Federal, State, or local authority.

  • Change in Control of the Corporation means a change in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended ("Exchange Act"), or any successor thereto, whether or not the Corporation is registered under the Exchange Act; provided that, without limitation, such a change in control shall be deemed to have occurred if (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing 25% or more of the combined voting power of the Corporation's then outstanding securities; or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Corporation cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by stockholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period.

  • TLAC Disqualification Event means OSFI has advised the Bank in writing that the bail-inable notes issued under the applicable pricing supplement will no longer be recognized in full as TLAC under the TLAC Guideline as interpreted by the Superintendent, provided that a TLAC Disqualification Event will not occur where the exclusion of those bail-inable notes from the Bank’s TLAC requirements is due to the remaining maturity of those bail-inable notes being less than any period prescribed by any relevant eligibility criteria applicable as of the issue date of those bail-inable notes.

  • OBFR Index Cessation Effective Date means, in relation to an OBFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Overnight Bank Funding Rate) ceases to publish the daily Overnight Bank Funding Rate or the date as of which the daily Overnight Bank Funding Rate may no longer be used;

  • Disqualifying Event has the meaning specified in the definition of Eligible Currency.

  • Statewide popular election means a general election in which votes are cast for

  • Capital Disqualification Event has the meaning specified in Section 1.1 of the Indenture.

  • Final Withdrawal Has the meaning specified in the Escrow Agreement.