Technical And Miscellaneous Revenue Act Of 1988 (TAMRA): Children
Definition of "Technical and miscellaneous revenue act of 1988 (TAMRA): children"
Determination that investments by parents in their children's education through the purchase of Series EE Savings Bonds, which generate interest income, are tax-exempt if the proceeds are applied to qualified education expenses. To qualify for this tax exemption, the following criteria must be met:
- In order for education expenses to qualify, they must be incurred in the year of redemption of the bonds. Such expenses include tuition and required fees. In a year in which the proceeds from the redeemed bonds are greater than the qualifying expenses, a prorated percentage of the redeemed bonds' earnings becomes taxable income for that year.
- In order for the education expenses to qualify, they must be the expenses of the bond's purchaser or those of the purchaser's dependent in the year of redemption of the bonds.
- In order for the education expenses to qualify, the purchaser of the bonds must be at least 24 years of age and the bonds must be in the name of the purchaser or in the joint names of the purchaser and his or her spouse. Also, married individuals must file joint tax returns.
- Bonds purchased must have been issued after December 31, 1987.
Popular Insurance Terms
Agreement in which spouse X (the spouse who is mandated by the court to make alimony and/or child support payments to spouse Y) must put assets (the principal) in a trust, from which the ...
Procedure in which investment income is paired with each life insurance policy according to the time frame in which the premiums for that particular policy are received. ...
Coverage for numerous perils such as that found in the broad form personal theft insurance. ...
Element usually found in industrial life insurance policies under which the insurance company upon the death of the insured under certain conditions is allowed to choose the beneficiary if ...
Method of valuing a reserve under which no reserve is established for a life insurance policy at the end of the first policy year, but reserves are established at the end of the second ...
Individuals who inherit assets as the result of being named in a will. ...
Minimum of care owed by one party for the physical safety of another. Liability suits are brought because of negligent acts and omissions resulting from failures to exercise due care. ...
Condition for inland marine liability insurance coverage that states a loss or claim must occur in the policy territory. Policy territory for a liability policy includes the U.S., its ...
Circumstance in which no agent is servicing a debit. ...
Have a question or comment?
We're here to help.