§530. Coverdell education savings accounts — Inbound Citations
26 U.S.C. § 530
Cited by 26 provisions in release 119-102.
Citations to 26 U.S.C. § 530 as a whole
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(A) The Secretary shall exclude from financial resources under this subsection the value of any funds in a qualified tuition program described in section 529 of title 26 or in a Coverdell education savings account under section 530 of that title.
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(4) For purposes of this subsection, the term “specified plan or arrangement” means any plan, account, or arrangement described in section 220, 223, 401(a), 403(a), 403(b), 408, 408A, 529, 529A, or 530 of title 26, or any employee benefit or compensation plan or arrangement, including a plan that is subject to title I of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1001 et seq.], or any prepaid tuition program offered by a State.
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(2) Notwithstanding paragraph (1), a tax credit taken under section 25A of title 26, or a distribution that is not includable in gross income under section 529 of such title, under another prepaid tuition plan offered by a State, or under a Coverdell education savings account under section 530 of such title, shall not be treated as other financial assistance for purposes of section 1087kk(a)(3)1 of this title.
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(C) Such term shall include any contribution to a qualified tuition program (as defined in section 529) on behalf of a designated beneficiary (as defined in such section), or to a Coverdell education savings account (as defined in section 530) on behalf of an account beneficiary, who is an individual described in subparagraph (A); but there shall be no increase in the investment in the contract for purposes of applying section 72 by reason of any portion of such contribution which is not includible in gross income by reason of this subparagraph.
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(2) For purposes of paragraph (1), the term “specified tax deferred account” means an individual retirement plan (as defined in section 7701(a)(37)) other than any arrangement described in subsection (k) or (p) of section 408, a qualified tuition program (as defined in section 529), a qualified ABLE program (as defined in section 529A), a Coverdell education savings account (as defined in section 530), a health savings account (as defined in section 223), and an Archer MSA (as defined in section 220).
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(4) a Coverdell education savings account (as defined in section 530),
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(F) a Coverdell education savings account described in section 530, or
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(D) Income shall be determined without regard to any amounts in or from, or any benefits from, any Coverdell education savings account under section 530 of title 26 or any qualified tuition program under section 529 of such title.
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(v) the value of any Coverdell education savings account under section 530 of title 26 or any qualified tuition program under section 529 of such title; and
Citations to §530(a)
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(2) such person is not entitled to the treatment under subsection (a) of section 530 of the Revenue Act of 1978 with respect to such an individual,
Citations to §530(b)
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(9) Notwithstanding any other provision of this subsection, paragraph (2)(B) shall apply to amounts received under a qualified tuition program (as defined in section 529(b)) or under a Coverdell education savings account (as defined in section 530(b)). The rule of paragraph (8)(B) shall apply for purposes of this paragraph.
Citations to §530(b)(1)
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(B) a Coverdell education savings account (as defined in section 530(b)(1) of title 26).
Citations to §530(b)(3)(A)
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(4) The term “qualified elementary or secondary education expense” means any expense of an eligible student which is described in section 530(b)(3)(A).
Citations to §530(c)
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(A) the amount by which the amount contributed for the taxable year to such accounts exceeds $2,000 (or, if less, the sum of the maximum amounts permitted to be contributed under section 530(c) by the contributors to such accounts for such year); and
Citations to §530(d)
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(5) An individual for whose benefit a Coverdell education savings account is established and any contributor to such account shall be exempt from the tax imposed by this section with respect to any transaction concerning such account (which would otherwise be taxable under this section) if section 530(d) applies with respect to such transaction.
Citations to §530(d)(2)
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(2) A deduction shall be allowed under subsection (a)(2)(D) for expenses only to the extent the amount of such expenses exceeds the amount excludable under section 135, 529(c)(1), or 530(d)(2) for the taxable year.
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(B) the amount of such expenses which are taken into account in determining the exclusions under sections 529(c)(3)(B) and 530(d)(2).
Citations to §530(d)(2)(A)
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(B) For purposes of this paragraph—(i) No amount shall be includible in gross income under subparagraph (A) by reason of a distribution which consists of providing a benefit to the distributee which, if paid for by the distributee, would constitute payment of a qualified higher education expense.(ii) In the case of distributions not described in clause (i), if—(I) such distributions do not exceed the qualified higher education expenses (reduced by expenses described in clause (i)), no amount shall be includible in gross income, and(II) in any other case, the amount otherwise includible in gross income shall be reduced by an amount which bears the same ratio to such amount as such expenses bear to such distributions.(iii) In the case of any taxable year beginning before January 1, 2004, clauses (i) and (ii) shall not apply with respect to any distribution during such taxable year under a qualified tuition program established and maintained by 1 or more eligible educational institutions.(iv) Any benefit furnished to a designated beneficiary under a qualified tuition program shall be treated as a distribution to the beneficiary for purposes of this paragraph.(v) The total amount of qualified higher education expenses with respect to an individual for the taxable year shall be reduced—(I) as provided in section 25A(g)(2), and(II) by the amount of such expenses which were taken into account in determining the credit allowed to the taxpayer or any other person under section 25A.(vi) If, with respect to an individual for any taxable year—(I) the aggregate distributions to which clauses (i) and (ii) and section 530(d)(2)(A) apply, exceed(II) the total amount of qualified higher education expenses otherwise taken into account under clauses (i) and (ii) (after the application of clause (v)) for such year,the taxpayer shall allocate such expenses among such distributions for purposes of determining the amount of the exclusion under clauses (i) and (ii) and section 530(d)(2)(A).
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(I) the aggregate distributions to which clauses (i) and (ii) and section 530(d)(2)(A) apply, exceed
Citations to §530(d)(4)
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(E) section 530(d)(4) (relating to additional tax on certain distributions from Coverdell education savings accounts),
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(6) The tax imposed by section 530(d)(4) shall apply to any payment or distribution from a qualified tuition program in the same manner as such tax applies to a payment or distribution from a Coverdell education savings account. This paragraph shall not apply to any payment or distribution in any taxable year beginning before January 1, 2004, which is includible in gross income but used for qualified higher education expenses of the designated beneficiary.
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(6) The term “early distribution tax” means any increase in tax imposed under section 72(t), 220(f)(4), 223(f)(4), 409A(a)(1)(B), 529(c)(6), 529A(c)(3), or 530(d)(4).
Citations to §530(d)(4)(C)
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(A) Any contribution which is distributed out of the Coverdell education savings account in a distribution to which section 530(d)(4)(C) applies.
Citations to §530(d)(9)
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(ii) the amounts so received which were contributed to a Coverdell education savings account under section 530(d)(9).
Citations to §530(h)
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(F) section 530(h) (relating to Coverdell education savings accounts), and