Military Academy. United States Military Academy, the United States Naval Academy, the United States Air Force Academy, the United States Coast Guard Academy, and the United States Merchant Marine Academy. Vanguard – The Vanguard Group, Inc., and its affiliates, collectively or individually, as the case requires.
Military Academy. If the Designated Beneficiary receives a qualified scholarship or attends a U.S. Military Academy, you may withdraw money from the Account for non-educational purposes up to the amount of the scholarship or the cost of attendance at a U.S. Military Academy without imposition of the Additional 10% Federal Tax on earnings. A qualified scholarship includes certain educational assistance allowances under federal law as well as certain payments for educational expenses (or attributable to attendance at certain educational institutions) that are exempt from federal income tax. The earnings portion of a distribution because of a qualified scholarship or attendance at a U.S. Military Academy is subject to any applicable federal and state income taxes at the recipient’s (the party receiving the distribution) tax rate.
Military Academy. A distribution from an Account
Military Academy. Xxxxxx Military Institute, Marion, AL 10% Statewide Development Training Alabama Technology Network (ATN), Montgomery, AL 10%
Military Academy. Xxxxxx Military Institute, Marion, AL Statewide Development Training Alabama Technology Network (ATN), Montgomery, AL Other Participating Public Institutions of Higher Education Alabama Fire College, Tuscaloosa, Al Alabama State University, Montgomery, AL Athens State University, Athens, AL Auburn University-Montgomery, Montgomery, AL Jacksonville State University, Jacksonville, AL Troy University, Troy, AL University of Alabama, Tuscaloosa, AL University of Alabama Birmingham - Birmingham, Alabama, AL University of Alabama Huntsville - Huntsville, AL University of North Alabama, Florence, AL University of West Alabama, Livingston, AL
Military Academy. If the Beneficiary attends the U.S. Military, Naval, Air Force, Coast Guard or Merchant Marine Academies, a Qualified Distribution is allowed up to the amount of the costs of advanced education (as defined in Section 2005(e)(3) of Title X of the U.S. Code) attributable to such attendance.
Military Academy. Distributions because of the receipt of a scholarship or tuition waiver by, death or Disability of, or attendance at a U.S. military academy by, the Beneficiary are not considered used for Qualified Expenses, therefore, the earnings portion of such Distributions will be treated as taxable income of the recipient for purposes of computing federal income tax and may be treated as taxable income for purposes of applicable state income tax. However, such Distributions are not subject to the 10% Penalty imposed on Distributions not used for Qualified Expenses. For this purpose, a scholarship or tuition waiver also includes certain educational assistance allowances under federal law and certain payments for educational expenses or attributable to attendance at certain educational institutions that are exempt from federal income tax. Under current law, to qualify as a Distribution due to the death of the Beneficiary for this purpose, the Distribution must be received by the Beneficiary’s estate. Federal tax regulations specifying the procedures to be followed in establishing that a Distribution is on account of the death or Disability of, receipt of a scholarship or tuition waiver by, or attendance at a U.S. military academy by, the Beneficiary have not yet been promulgated. However, the IRS has issued preliminary guidance indicating that such regulations will require the Account Owner and/or Beneficiary, and not the Plan, to maintain records sufficient to establish that a Distribution is on account of the death or Disability of, receipt of a scholarship or tuition waiver by, or attendance at a U.S. military academy by, the Beneficiary in the event the Distribution is so reported on a federal income tax return.
