Irc Section 529

529 b 1 b.

Irc section 529. Internal revenue code section 529 e 3 qualified tuition programs a general rule. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. A qualified tuition program shall be exempt from taxation under this subtitle.

18 2015 for not later than 60 days after the date of such refund. For more detailed codes research information including annotations and citations please visit westlaw. 18 2015 section 529 c 3 d of the internal revenue code of 1986 as added by this subsection shall be applied by substituting not later than 60 days after the date of the enactment of this subparagraph dec.

Internal revenue code 529. A program shall not be treated as a qualified able program unless it provides adequate safeguards to prevent aggregate contributions on behalf of a designated beneficiary in excess of the limit established by the state under section 529 b 6. Notwithstanding the preceding sentence such program shall be subject to the taxes imposed by section 511 relating to imposition of tax on unrelated business income of charitable organizations.

529 plans are named after section 529 of the internal revenue code irc which was added in 1996 to authorize tax free status for qualified tuition programs. Earnings in 529 plans accumulate on a tax deferred basis and distributions are not taxed federally when used for qualified higher education expenses. The benefits of an individual under the supplemental security income program under title xvi of the social security act shall not be terminated but shall be suspended by reason of excess resources of the individual attributable to an amount in the able account within the meaning of section 529a of the internal revenue code of 1986 of the individual not disregarded under subsection a of this section.