Population Without a Bank Account Sample Clauses

Population Without a Bank Account. We now seek to estimate the number of European consumers without a bank account. The number of consumers without a bank account is a key driver of any cost benefit estimate. In this section, we initially review data on the total number of consumers without an account, and then estimate the numbers who may wish to have an account but are unable to obtain one. Data on consumers without a bank account can be obtained at Member State level in some countries, but more consistent cross-country data is available from Eurobarometer flash surveys. Two recent relevant surveys exist; Flash EB 243 carried out in 200842 and Flash EB 282 carried out in 200943. The question asked in each survey was different, and the resulting data is also different. In Flash EB 243 in 2008, consumers were asked “if they did not use a current bank account”. In Flash EB 282 in 2009, consumers were asked “if they did not have a bank account at all”. With a few exceptions, the latter survey will identify a smaller group of consumers. It appears that in Romania the percentage of respondents stating they did not use a current bank account in 2008 and stating they did not have a bank account at all in 2009 were the same. Surprisingly, a larger percentage of Greek respondents claimed in 2009 they did not have access to a bank account at all (7%) than Greek respondents stated in 2008 that they did not use a current account (5%). Finally, no population data was available for 2009 for Belgium and the UK; 2008 data was therefore used instead. The surveys seek to be representative of consumers aged 21 and above. It will be appreciated that younger consumers, e.g. those aged 18 and above, will also require access to bank accounts. We therefore obtained population data on each Member State
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Related to Population Without a Bank Account

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  • 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.

  • 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

  • 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.

  • 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.

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