Examples of Section 529A in a sentence
An individual is an eligible individual for a taxable year if, during that year, either (1) the individual is entitled to benefits based on blindness or disability under Title II or XVI of the Social Security Act (“benefits eligibility”), or (2) a disability certification meeting specified requirements is filed with the Secretary in accordance with Section 529A (“certification eligibility”).
ABLE savings account’ or ‘account’ means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended.
Reference: Section 4877, Welfare and Institutions Code; Section 529A, Internal Revenue Code.
An account owner may: (a) change the designated beneficiary of an account to an individual who is a qualified member of the family of the prior designated beneficiary in accordance with procedures established by the State Treasurer; and (b) transfer all or a portion of an account to another ABLE savings account, the designated beneficiary of which is a member of the family as defined in Section 529A of the federal Internal Revenue Code of 1986, as amended.
The Trust intends to qualify for favorable federal tax treatment under Internal Revenue Code Section 529A.
Reference: Sections 4875 and 4877, Welfare and Institutions Code; Section 529A, Internal Revenue Code.
Reference: Section 4875, Welfare and Institutions Code; Section 529A, Internal Revenue Code.
Under Section 529A, following the death of the Beneficiary, any state may file a claim against the Beneficiary or the STABLE Account itself for the amount of the total medical assistance paid for the Beneficiary under the state’s Medicaid plan after the establishment of the STABLE Account (or any ABLE account from which amounts were rolled or transferred to the current STABLE Account).
A Participant may also rollover amounts under an Account to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, or a Member of the Family thereof, federal income tax-free, if such Designated Beneficiary or Member of the Family thereof meets the eligibility requirements for an account in such program and subject to applicable ABLE contribution limits.
Any such rollover is subject to the ABLE Account’s annual contribution limits as set forth in Section 529A of the Code.