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
Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...
Third-in-line beneficiary to receive benefits from an insurance policy should the primary and secondary beneficiaries not survive. ...
Coverage that will indemnify the insured for the expenses, up to the limits of the policy, if a building is damaged by a peril such as fire, and zoning requirements and/or building codes ...
Professional designation earned after the successful completion of five national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as accident ...
Legislation that makes insurance fraud a federal crime. This act is part of the Omnibus Crime Bill. Under the act, it is a federal crime to embezzle or misappropriate funds, money, or ...
Insurance company established by a trade group or other association to provide selected types of primary insurance and/or liability insurance for members of the association and access to ...
Call on a prospective insurance buyer without a prior appointment. Many salespeople find this exercise the most threatening in their career development. Some observers attribute the ...
Single policy under which one individual is insured. ...
Settlement choice under a life insurance policy whereby a beneficiary may elect to have the death proceeds paid in the form of a joint and survivor annuity. ...
Have a question or comment?
We're here to help.