New York State College Choice Tuition Savings Program (New York)
Definition of "New york state college choice tuition savings program (New York)"
Vehicle that is available to anyone in the United States as a means for savings in a tax-exempt fashion for college, graduate, or professional schools or other eligible accredited business, trade, occupational, or technical schools domiciled in the United States. Under the plan, there is a deferral of federal taxes on earnings of the account until the funds are distributed for education expenses by the beneficiary of the account. The account earnings are not subject to New York state taxes either. Upon withdrawal by the beneficiary, the earnings distribution is federally taxed at the beneficiary's tax rate and not subject to New York state tax provided the distribution is used for the above-approved education expenses. Any distributions not used for the approved education expenses are taxed at the regular federal and state income tax rate, and a 10% withdrawal penalty on the earnings must be paid.
Popular Insurance Terms
Donation of amount "A," made by donor X to a charity. The charity agrees to pay donor X an amount ("B") for the rest of donor X's life. Since the donation is used to fund an annuity, only a ...
Coverage for two or more persons with the death benefit payable at the death of the last of those insured. Premiums are significantly lower under joint life and survivor insurance than for ...
Type of commercial form that provides coverage for business vehicles regardless of whether they are owned, leased, hired, or borrowed. The form's coverages are divided into the following ...
Protection to maintain the value of a business in case of death or disability of a partner. Upon the death or long-term disability of a partner, insurance can provide for the transfer of a ...
Automatic nonproportional reinsurance treaty or automatic proportional reinsurance treaty that provides coverage for losses upon which claims are made while the treaty is in force, without ...
Stipulation that no claim will be paid until a loss exceeds a flat dollar amount or a given percentage of the amount of insurance in force. After the loss exceeds this dollar amount or ...
Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as ...
a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one). loss ...
Combination of property insurance on the hull of an airplane and liability insurance in the following manner: property coverage provided on an ALL RISKS basis or on a specified perils ...
Have a question or comment?
We're here to help.