New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 35 - NEW JERSEY GROSS INCOME TAX
Subchapter 2 - EXCLUSIONS AND DEDUCTIONS
Section 18:35-2.6 - Qualified State Tuition Program; education individual retirement account
Universal Citation: NJ Admin Code 18:35-2.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Definition: A "qualified state tuition program" means:
1. An
account established under the New Jersey Better Educational Savings Trust (NJBEST)
Program; or
2. An account established
under the laws of any other state as defined under section 529 of the Internal
Revenue Code; or
3. A tuition credit or
certificate purchased under such program.
(b) An "education individual retirement account" means an education retirement account as defined by section 530(b)(1) of the Internal Revenue Code.
(c) Upon distribution from the plan, amounts that are used for qualified higher education expenses as defined under section 529(e)(3) of the Internal Revenue Code are excluded from the taxpayer's income. Distributions from the plan that are not used for qualified higher education expenses are includible in gross income.
1. A rollover from one account to another is
considered a qualified distribution if it meets the requirements of section
529(c)(3)(C)(i) or section 530(d)(5) of the Internal Revenue Code.
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