Responsible individual definition
Examples of Responsible individual in a sentence
Each such amendment shall be effective when the notice of such amendment is mailed to the address of the Responsible Individual indicated in the Custodian’s records, or such other date as may be indicated in the notice, including any retroactive amendment required by law.
The Responsible Individual with respect to the account of a minor Designated Beneficiary named by the Contributor must be a parent or guardian of the Designated Beneficiary.
All withdrawal requests must be submitted by the Responsible Individual in good order on a form designated by the Custodian.
At any time after the opening of the Custodial Account, and notwithstanding the designation of one or more Designated Death Beneficiaries by the Contributor, the Responsible Individual shall be entitled to designate the Designated Death Beneficiaries of the Custodial Account on a form acceptable to the Custodian; provided, however, only Family Members of the original Designated Beneficiary who are under 30 years of age at the time of designation may be designated as Designated Death Beneficiaries.
In determining the taxable amount of a distribution, the Responsible Individual shall rely only on the federal tax records of the Designated Beneficiary.