Examples of Xxxxxxxxx ESA Account in a sentence
All contributions to the Xxxxxxxxx ESA Account must be in the form of “cash,” but contributions to a Xxxxxxxxx ESA are not deductible.
BNY Mellon is an authorized entity and can serve as Custodian of your Xxxxxxxxx ESA Account.
The Responsible Individual generally controls all decisions relating to the Xxxxxxxxx ESA Account, including authorizing payments from the Xxxxxxxxx ESA Account.
A prospectus containing detailed information about each Mutual Fund that is an Eligible Investment available for investment of your Xxxxxxxxx ESA Account must be furnished before investment.
Your Xxxxxxxxx ESA Account must be designated as a Xxxxxxxxx ESA when you establish your Xxxxxxxxx ESA Account in order for your Xxxxxxxxx ESA Account to be treated as a Xxxxxxxxx ESA for tax purposes.
Xxxxxxxxx ESA Accounts established using the Xxxxxxxxx ESA Custodial Agreement will meet the requirements of the Code applicable to Xxxxxxxxx ESAs. However, the IRS has not endorsed the investments permitted under this Xxxxxxxxx ESA Account.
Contributions may be made to the Xxxxxxxxx ESA Account for a Designated Beneficiary under the age of 18 by one or more individuals, but the total contributions made to all Xxxxxxxxx ESAs for the Designated Beneficiary cannot exceed $2,000 for any tax year.
The Xxxxxxxxx ESA Account established under this Xxxxxxxxx ESA Custodial Agreement is referred to herein as the “Custodial Account”.
The Custodian may also charge a service fee in connection with any distribution from the Xxxxxxxxx ESA Account.
To establish a Xxxxxxxxx ESA Account using assets from another Xxxxxxxxx ESA, follow the general instructions for establishing a Xxxxxxxxx ESA Account, and note where provided on the Xxxxxxxxx ESA Adoption Agreement that the contribution is a transfer or rollover from another Xxxxxxxxx ESA.