DEATH OF BENEFICIARY. In the event of the death of the Beneficiary, the Account Owner may authorize a change in the Beneficiary for the Account or request the withdrawal of the Account balance. A distribution made to a beneficiary of an estate (or to the Beneficiary’s estate) due to the death of the Beneficiary will not be subject to the additional 10% federal tax on earnings, but the earnings portion of such distribution will be subject to any applicable federal and state and/or local income tax.
Appears in 3 contracts
Sources: Iowa Advisor 529 Plan Program Description and Participation Agreement, Iadvisor 529 Plan Program Description and Participation Agreement, Iowa Advisor 529 Plan Program Description and Participation Agreement
DEATH OF BENEFICIARY. In the event of the death of the Beneficiary, the Account Owner may authorize a change in the Beneficiary for the Account to a Member of the Family of the previous Beneficiary or request the withdrawal of the Account balance. A distribution made to a beneficiary of an the Beneficiary’s estate (or to the Beneficiary’s estate) due to the death of the Beneficiary will not be subject to the additional 10% federal tax on earnings, but the earnings portion of such distribution will may be subject to any applicable federal and state and/or local income tax.
Appears in 3 contracts
Sources: Tomorrow’s Scholar® 529 Plan Program Description and Participation Agreement, Program Description and Participation Agreement, Tomorrow’s Scholar® 529 Plan Program Description and Participation Agreement