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
Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was ...
Method of underwriting insurance in which the insurance company utilizes regular mortality tables without additions for abnormalities. ...
Insurance with two types of policies available: depositors forgery insurance; forgery and alteration. ...
Principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its terms provide otherwise. For ...
Process in life insurance by which an applicant who is uninsurable, or is a greater than average risk, seeks to obtain a policy from a company at a standard premium rate. Life insurance ...
Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...
Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the ...
Coverage for defense costs incurred in defending a company from an unfriendly takeover attempt. Hostile takeovers have been one of the hottest business topics in recent years. Vulnerable ...
Financial technique for providing term death coverage for an entity. With this procedure: (1) an individual purchases an ordinary life insurance policy and completes an agreement with the ...
Have a question or comment?
We're here to help.