PENALTY REPORTING Clause Samples

PENALTY REPORTING. The Designated Beneficiary must file form 5329 with the Internal Revenue Service to report and remit any penalties for excise taxes.

PENALTY REPORTING. The Designated Beneficiary must file IRS Form 5329 with the IRS to report and remit any penalties for excise taxes. A. IRS Plan Approval—The agreement used to establish this ▇▇▇▇▇▇▇▇▇ ESA has been approved by the IRS. The IRS approval is a determination only as to form. It is not an endorsement of the plan in operation or of the investments offered. B. Additional Information—You may obtain further information on ▇▇▇▇▇▇▇▇▇ ESAs from your District Office of the IRS. In particular, you may wish to obtain IRS Publication 970, Tax Benefits For Education, by calling ▇-▇▇▇-▇▇▇-▇▇▇▇ or by visiting ▇▇▇.▇▇▇.▇▇▇ on the internet.

PENALTY REPORTING. You must file IRS Form 5329 along with your income tax return to the IRS to report and remit any additional taxes. Other A. IRS Plan Approval—The Agreement used to establish this IRA has been approved by the IRS. The IRS approval is a determination only as to form. It is not an endorsement of the plan in operation or of the investments offered. B. Additional Information—You may obtain further information on IRAs from your District Office of the IRS. In particular, you may wish to obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), or Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), by calling ▇-▇▇▇-▇▇▇-▇▇▇▇ (▇-▇▇▇-▇▇▇-▇▇▇▇), or by visiting ▇▇▇.▇▇▇.▇▇▇ on the internet.

PENALTY REPORTING. You must file Form 5329 with the Internal Revenue Service to report and remit any penalties or excise taxes. CUSTODIAN/PLAN ADMINISTRATOR The Custodian of your ▇▇▇ is identified in the Individual Retirement Account Application. If FPS Services, Inc. is not the Custodian, FPS Services, Inc. serves as the Plan Administrator, and in such capacity is responsible for all record keeping, applicable tax reporting and fee collection in connection with ▇▇▇ accounts. FPS Services, Inc. is also the transfer agent for the Funds. FEES The custodial fee currently in effect is an annual maintenance fee of $12 per Fund account. Your first annual maintenance fee may be paid at the same time that you mail your ▇▇▇ Application to FPS Services, Inc. Forward a separate check for $12, made payable to FPS Services, Inc. In subsequent years, you may pay the annual maintenance fee by forwarding a check to FPS Services, Inc. If you do not forward payment for the annual maintenance fee by August 31 of each year, FPS Services, Inc. will obtain payment directly from your ▇▇▇ by redeeming a sufficient number of the Fund shares held in your ▇▇▇. The Custodial Fees may be modified upon 30 days' written notice from the Custodian of your ▇▇▇. One or more of the mutual funds available for investment through your ▇▇▇ may be subject to sales charges. Such charges, if any, are listed in the prospectus of that fund. OTHER A. IRS PLAN APPROVAL - The Agreement used to establish this ▇▇▇ has been approved by the Internal Revenue Service. The Internal Revenue Service approval is a determination only as to form. It is not an endorsement of the plan in operation or of the investments offered.