Bronx New York online Form 12508 2021-2025

Bronx New York online Form 12508: What You Should Know

The terms used in this section. (1) (i) NYS 529 (A) Each account under this section must meet the following standards. (i) The account must be a New York State (NYS) 529 account. (ii) At any time before the end of the taxable year in which the eligible employee departs the service for the final year of service without being reemployed in NYS, the applicable account must be opened, and A qualified NYS public school, except a school eligible solely because of its location in the State. For purposes of this limitation, a public school is defined by New York Law as a public or other non-profit private school in the State that receives substantial federal funds from any source, or a school operated by a unit of government or local educational agency in the State that does not receive substantial state funds or any non-profit or private school in the State that receives substantial federal funds from any source. For purposes of this definition, the term “federal funds” includes funds received from the New York State Education and Instructional Assistance Trust Fund. For purposes of this definition all entities, such as schools, public institutions of higher education, private schools, etc., in NYS are considered private schools. (B) At any time before the end of the taxable year in which the eligible employee departs the service for the final year of service without being reemployed in NYS the account must be closed. A closed account shall be closed by the employer, in its sole discretion. The account must have accumulated no less than 300 or more than 5,000 of New York State or qualified school personal or real estate tax refund in the calendar year. (2) A NYS 529 account is considered closed when less than 200 of the account balance is available for withdrawal during the taxable year. Any remaining balance of the account must be deposited in a NYS 529 account prior to the close of the taxable year in which the employee leaves service.

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