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
Individual to whom rights to a benefit are assigned. A life insurance policy is assigned by the collateral borrower (assignor) to the collateral creditor (assignee) as security for a loan. ...
Same as term Cancel: termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums ...
Coverage in event of damage or destruction of animals that are being shipped. ...
Coverage against a loss resulting from the forcible entry of a safe. In order for this coverage to be applicable, there must be signs of forcible entry into the premises in which the safe ...
Small face amount life insurance policy. ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
Combination life insurance policy consisting of ordinary life and double the amount of term life. Should the insured die within a stipulated time period, the double term amount and ordinary ...
Type of disability income policy used to provide funds for the ongoing monthly business expenses (such as employee salaries, utility charges, rent, and equipment payment due) necessary to ...
Have a question or comment?
We're here to help.