Section 529 Internal Revenue Code

Internal revenue code 529.

Section 529 internal revenue code. 1 in general 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. 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. Internal revenue code section 529 c 2 b qualified tuition programs a general rule.

18 2015 for not later than 60 days after the date of such refund. 529 plans legally known as qualified tuition plans are sponsored by states state agencies or educational institutions and are authorized by section 529 of the internal revenue code. In the case of a refund of qualified higher education expenses received after december 31 2014 and before the date of the enactment of this act dec.

529a b qualified able program. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Washington the internal revenue service and department of the treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans pdf.

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. A 529 plan is a tax advantaged savings plan designed to encourage saving for future education costs. Qualified tuition programs on westlaw.

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. Ir 2018 156 july 30 2018. For more detailed codes research information including annotations and citations please visit westlaw.

6 transition rule for pre august 20 1996 contracts in the case of any contract issued prior to august 20 1996 section 529 c 3 c of the internal revenue code of 1986 shall be applied for taxable years ending after august 20 1996 without regard to the requirement that a distribution be transferred to a member of the family or the requirement that a change in beneficiaries may be made only to a member of the family. A qualified tuition program shall be exempt from taxation under this subtitle. A qualified able program shall be exempt from taxation under this subtitle.