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
Type of individual retirement account (IRA) allowed by the employee retirement income security act of 1974 (erisa) whereby contributions in the form of premium payments are made on a fixed ...
Types of reinsurance instruments under which the amount of risk transferred is more limited than under traditional risk reinsurance instruments. The limitations on risk transfer take the ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
In property insurance policies, provision that excludes the insurance company's liability for indemnification of the insured for the insured's expenses incurred in the demolition of ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
Department in an insurance company that prepares policies to be sent to the policyholder, sends the policies, and keeps records of the policies that were sent. ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Same as term Blanket Bond: coverage for an employer in the event of dishonesty of any employee. ...
Compensation that varies with the class and type of insurance sold. Many insurance companies offer varying commissions according to the volume of business an agent places with the company. ...
Have a question or comment?
We're here to help.