Xxxxxxxxx Education Savings Account Sample Clauses

Xxxxxxxxx Education Savings Account. If your Account has the same Beneficiary as the Xxxxxxxxx Education Savings Account, then the Rollover is generally tax-free for federal income tax purposes. If you wish to move such assets, please speak with your financial professional. Appropriate documentation for a Xxxxxxxxx Education Savings Account is an account statement issued by the financial institution that acted as a trustee or custodian of the savings account that shows basis and earnings on the account. Qualified U.S.

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Xxxxxxxxx Education Savings Account. You may fund your Account by moving assets from a Xxxxxxxxx Education Savings Account (ESA). Please indicate that the assets were liquidated from the ESA on the Enrollment Form or with any additional investments. Unlike UGMA/UTMA accounts, the Beneficiary may be changed to a Member of the Family of the beneficiary of the ESA. Making distributions from an ESA to fund an Account for the same Beneficiary may not be considered a taxable transaction. Consult your tax advisor for more information.

Xxxxxxxxx Education Savings Account. You may roll over (transfer) the redemption of part or all of your existing Xxxxxxxxx Education Savings Account and invest it as a contribution to XXXX Advisor Plan Account. You must complete an Incoming Transfer/Rollover Request Form. You must also provide an account statement or Form 1099-Q issued by the financial institution that redeemed the account that shows the earnings portion of the redemption of the account. Withdrawals from the Account may affect other education tax incentives available to you. Please consult your tax adviser. Subject to the limitations set forth above, you may transfer funds to either an Account that is owned by you or an Account that is owned by another Account Owner. A transfer of funds from your Account to an Account that is owned by another Account Owner may have adverse federal or state tax consequences and Account Owners are urged to consult their own qualified tax advisors prior to requesting any such transfer. If a transfer of funds causes the aggregate market value of all accounts in the Program (including all accounts in the XXXX Advisor Plan and the Direct Plan) for the same Beneficiary to exceed the Maximum Account Balance Limit, the excess amount will be rejected and returned. If you are transferring funds from another qualified tuition program to an Account in the XXXX Advisor Plan, the program from which you are transferring funds may restrict or prohibit such transfer or impose charges, so you should investigate any transfer thoroughly before requesting such a transfer.

Xxxxxxxxx Education Savings Account. If your account is held as a Xxxxxxxxx Education Savings Account, your account will be governed, additionally, by the Custodial Agreement for Xxxxxxxxx Education Savings Accounts which are provided at the time you open your account.

Xxxxxxxxx Education Savings Account. This Custodial Account Agreement may not be used to establish a Xxxxxxxxx Education Savings Account, as defined in section 530 of the Code, or to accept contributions made by or on behalf of any Beneficiary of same.

Xxxxxxxxx Education Savings Account. Minimum initial investment is $1,000 per Fund (or $100 per Fund if Automatic Investment Plan). Indicate your investment amount in the Fund(s) and Class(es) on the following page. If no class is indicated, Class A shares will be purchased.

Related to Xxxxxxxxx Education Savings Account

When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.
Disclosure Statement for Xxxxxxxxx Education Savings Accounts 1. Who is Eligible for a Xxxxxxxxx Education Savings Account? Anyone may contribute to a Xxxxxxxxx Education Savings Account regardless of his or her relationship to the beneficiary. The beneficiary of a Xxxxxxxxx Education Savings Account
How Are Distributions from a Xxxxxxxxx Education Savings Account Taxed For Federal Income Tax Purposes? Amounts distributed are generally excludable from gross income if they do not exceed the beneficiary’s “qualified higher education expenses” for the year or are rolled over to another Xxxxxxxxx Education Savings Account according to the requirements of Section (4). “Qualified higher education expenses” generally include the cost of tuition, fees, books, supplies, and equipment for enrollment at (i) accredited post-secondary educational institutions offering credit toward a bachelor’s degree, an associate’s degree, a graduate-level or professional degree or another recognized post-secondary credential and (ii) certain vocational schools. In addition, room and board may be covered if the beneficiary is at least a “half-time” student. This amount may be reduced or eliminated by certain scholarships, qualified state tuition programs, HOPE, Lifetime Learning tax credits, proceeds of certain savings bonds, and other amounts paid on the beneficiary’s behalf as well as by any other deductions or credits taken for the same expenses. The definition of “qualified education expenses” includes expenses more frequently and directly related to elementary and secondary school education, including the purchase of computer technology or equipment or Internet access and related services. To the extent payments during the year exceed such amounts, they are partially taxable and partially non-taxable similar to payments received from an annuity. Any taxable portion of a distribution is generally subject to a 10% penalty tax in addition to income tax unless the distribution is (i) due to the death or disability of the beneficiary, (ii) made on account of a scholarship received by the beneficiary, or (iii) is made in a year in which the beneficiary elects the HOPE or Lifetime Learning credit and waives the exclusion from income of the Xxxxxxxxx Education Savings Account distribution. You may be allowed to take both the HOPE or Lifetime Learning credits while simultaneously taking distributions from Xxxxxxxxx Education Savings Accounts. However, you cannot claim a credit for the same educational expenses paid for through Xxxxxxxxx Education Savings Account distributions. To the extent a distribution is taxable, capital gains treatment does not apply to amounts distributed from the account. Similarly, the special five- and ten-year averaging rules for lump-sum distributions do not apply to distributions from a Xxxxxxxxx Education Savings Account. The taxable portion of any distribution is taxed as ordinary income. The IRS does not require withholding on distributions from Xxxxxxxxx Education Savings Accounts.
How Are Contributions to a Xxxxxxxxx Education Savings Account Reported for Federal Tax Purposes? Contributions to a Xxxxxxxxx Education Savings Account are reported on IRS Form 5498-ESA.
Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. HOSPITAL means a facility: • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).
What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.
Certain Savings Accounts 1. An account established and maintained in the Slovak Republic that satisfies any of the following:
Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;
Health Spending Account contributions by the Executive will cease on the Effective Date. The Executive may submit claims against the balance accrued to the Effective Date, until the end of the calendar year in which the Effective Date occurs.
Adult Education Teachers of Adult Education shall be paid at the rate of thirty-five ($35.00) an hour. Break time will not be deducted from teachers’ pay.