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
Written evidence given to a policyowner by an insurance company or insurance agency that it has received a premium. ...
Membership organization of insurance companies that write workers compensation insurance. The organization collects statistics on the frequency and severity of job-related injuries to ...
Method of funding a pension plan through: an individual level cost basis, where future benefits for the employee are estimated and contributions are made periodically while the employee is ...
Coverage in the event an employee is kidnapped from an insured business's premises and forced to return to aid a criminal in a theft. ...
Standards set by the various state regulatory authorities that determine how financial statements must be prepared for regulators. The states are responsible for making certain that ...
Quarter credited, for retirement benefits under Social Security, when the worker's earnings exceed a minimum amount in a given quarter. Credited quarters are extremely important for fully ...
Omissions from coverage found in products liability insurance. The policy does not provide coverage if the business manufactures a product that does not meet the level of performance as ...
Requirement of state approval of property insurance rates and policy forms before they can be used. Individual states regulate insurers and approve their rates. There are three methods of ...
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
Have a question or comment?
We're here to help.