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
Table used in calculating various nonforfeiture values for industrial life insurance policies. These tables give the minimum values that must be generated to the policyowner. The insured's ...
Liability incurred by one insured as the result of his or her damaging another insured when both insureds are covered under the same liability insurance policy. Each insured must be treated ...
Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...
fee that is the most consistently charged by the physician for a particular procedure. fee that is usual for a particular procedure charged by the majority of physicians with similar ...
Plan whereby adjustments are made in the premium, as the premium increases to reflect the non proportionate increases in expenses. Generally, the expenses of acquisition costs, ...
Same as term Convention Examination: audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and ...
Additional amount of surplus from an additional amount of capital necessary to act as a supplement to the cash flow in the event unforeseen contingencies occur that disrupt or impair the ...
Trade association whose objective is to further the interests of its membership, as well as to inform the public on the role of its members. ...
Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...
Have a question or comment?
We're here to help.