Section 529A definition
Examples of Section 529A in a sentence
Any such rollover is subject to the ABLE Account’s annual contribution limits as set forth in Section 529A of the Code.
Under Section 529A, following the death of the Beneficiary, any state may file a claim against the Beneficiary or the STABLE Account itself for the amount of the total medical assistance paid for the Beneficiary under the state’s Medicaid plan after the establishment of the STABLE Account (or any ABLE account from which amounts were rolled or transferred to the current STABLE Account).
A Participant may also rollover amounts under an Account to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, or a Member of the Family thereof, federal income tax-free, if such Designated Beneficiary or Member of the Family thereof meets the eligibility requirements for an account in such program and subject to applicable ABLE contribution limits.
Code Section 529A or other federal law could be amended in a manner that would materially change or eliminate the federal tax treatment described herein.
For the two business days prior to an Age-Based Exchange, a Participant may not: • move any Account assets to another Program Account; • move any assets invested in another Program Account into the Account; • direct any withdrawals from any Portfolio in the Account; or • roll any Account assets into another Section 529 Program or a Section 529A ABLE account.
Upon the death of the Account Owner, Code Section 529A permits a state to file a claim for the amount of the total medical assistance paid for the Account Owner under the state’s Medicaid plan after the establishment of the account (or any ABLE account from which amounts were rolled or transferred to the account).
You agree and acknowledge that qualification under Section 529A is vital and agree that the Trustee may amend this Participation Agreement upon a determination that such an amendment is required to maintain such qualification.
The Trust intends to qualify for favorable federal tax treatment under Internal Revenue Code Section 529A.
Laws governing qualified ABLE programs may change – There is a risk that federal and state laws and regulations governing Section 529A qualified ABLE programs could change in the future.
Pursuant to A.R.S. §46-902(1), the Arizona Department of Economic Security is authorized to offer a Section 529A qualified ABLE plan to eligible Arizona residents.