Statutes, codes, and regulations
New Jersey Administrative Code
Title 9A - HIGHER EDUCATIONChapter 10 - STUDENT LOAN AND COLLEGE SAVINGS PROGRAMS
Subchapter 7 - POLICY GOVERNING NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) PROGRAM
Section 9A:10-7.9 - Limitation on rollover to a qualified tuition program other than NJBEST

N.J. Admin. Code § 9A:10-7.9

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Current through Register Vol. 56, No. 24, December 18, 2024
Section 9A:10-7.9 - Limitation on rollover to a qualified tuition program other than NJBEST

Any transfer, if such transfer occurs within 12 months from the date of a previous transfer, to any qualified tuition program for the benefit of the designated beneficiary may be a nonqualified withdrawal which may result in a distribution includible in Federal gross income to the extent required under section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 529.

N.J. Admin. Code § 9A:10-7.9

New Rule, R.2002 d.289, effective 9/3/2002.
See: 33 New Jersey Register 4053(a), 34 New Jersey Register 3086(a).
Former N.J.A.C. 9A:10-7.9, Penalty for nonqualified withdrawals, repealed.
Amended by R.2003 d.343, effective 8/18/2003.
See: 35 New Jersey Register 1483(a), 35 New Jersey Register 3828(b).
Substituted "may" for "shall" following "designated beneficiary", substituted "may" for "would" preceding "result" and inserted "to the extent required" following "gross income".