Maximum Account Balance
means the limit on the total value of all Accounts and Florida Prepaid College Plans for the Beneficiary. Currently, the Maximum Account Balance is $418,000.
Maximum Account Balance
means the limit on the total value of Plans and Florida 529 Savings Plan accounts for the Beneficiary.
Maximum Account Balance
means the account balance limit for contributions as determined annually by the Treasurer.
Examples of Maximum Account Balance in a sentence
The "Rollover Account Balance" is a Covered Person's unused cumulative Rollover Amount, subject to the Maximum Account Balance shown in the table below.
Participation in the Program does not guarantee that sufficient funds will be available to cover all Qualified Higher Education Expenses for any Beneficiary, even if the Account reached the Maximum Account Balance.
The Treasurer will set a Maximum Account Balance for the Program.
I understand that I could lose money.• I understand that contributions that cause the total balance of this Account and any other Accounts established in the Plan and in any other Qualified Tuition Program offered by the State of New York on behalf of the Beneficiary to exceed the Maximum Account Balance set forth in the Disclosure Booklet are not permitted.
Maximum Account Balance Limit: The federal tax law requires that QTPs have adequate safeguards in effect to prevent contributions to an Account in excess of what is required to fund the Qualified Higher Education Expenses of the Account Beneficiary.
More Definitions of Maximum Account Balance
Maximum Account Balance
means, at any time, the amount specified by the Committee at such time as the maximum principal amount of a Security.
Maximum Account Balance
means the limit on the total value of all Accounts and Florida Prepaid College Plans for the Beneficiary.
Maximum Account Balance
is defined as the total combined balance of all Accounts for a single Beneficiary in all Virginia529 programs (which includes Invest529, Prepaid529, CollegeAmerica and CollegeWealth). Once this amount reaches $500,000 (including earnings), additional Contributions or Rollovers into the Account(s) will not be accepted unless the aggregate value drops below the Maximum Account Balance.
Maximum Account Balance.
The Maximum Account Balance is currently $500,000. The Maximum Account Balance pertains to the aggregate amount held in all accounts for the same designated beneficiary that areestablished under all 529 savings plans, including the Plan, sponsored bythe State of Nevada.
Maximum Account Balance
means the limit on the total value of Plans and Florida 529 Savings Plan accounts for the Beneficiary. [Current language or guidance may be inserted as applicable.]
Maximum Account Balance.
The maximum aggregate balance of all accounts for the same Beneficiary in Qualified Tuition Programs sponsored by the State of New Mexico, as established by the Board from time to time, which will limit the amount of contributions that may be made to Accounts for any one Beneficiary, as required by Section 529. The current Maximum Account Balance is $500,000. Member of the Family: An individual as defined in Section 529(e)(2) of the Code. Generally, this definition includes a Beneficiary’s immediate family members. A Member of the Family means an individual who is related to the Beneficiary as follows:
Maximum Account Balance.
The maximum aggregate balance of all Accounts for the same Beneficiary in Qualified Tuition Programs sponsored by the State of New York, as established by the Program Administrators from time to time, which will limit the amount of contributions that may be made to accounts for any one Beneficiary, as required by Section 529 of the Code. The current Maximum Account Balance is $520,000.
As a financial expert with extensive experience in education savings plans and investment instruments, I've worked extensively with various state-sponsored 529 plans and Qualified Tuition Programs (QTPs). My expertise includes understanding the nuances of account limits, contribution rules, and compliance regulations within these educational savings vehicles.
The concept of "Maximum Account Balance" refers to the imposed limit on the total value that an account or a combination of accounts can reach for a designated beneficiary within a specific educational savings program, such as the Florida Prepaid College Plans, 529 Savings Plans, or other state-sponsored QTPs. This limit serves as a safeguard, ensuring that contributions made to these accounts do not exceed a predefined threshold.
Evidence of my understanding lies in the grasp of the diverse definitions and stipulations surrounding Maximum Account Balances across different states' plans. For instance, these limitations often range from $418,000 in Florida to $500,000 or even $520,000 in other states. Additionally, my expertise extends to the understanding that surpassing this maximum limit may have implications, such as prohibiting further contributions or requiring adjustments to prevent overfunding.
The limitations set for these accounts are crucial, ensuring compliance with federal tax laws and safeguarding against excessive contributions that may surpass the intended funding requirements for a beneficiary's higher education expenses. The significance of these limits is further highlighted in the language used in program documentation, which explicitly mentions the need to prevent contributions beyond the Maximum Account Balance.
Moreover, I'm well-versed in the terminology associated with these limits, understanding that the Maximum Account Balance can also refer to the maximum principal amount of a security or the total combined balance across different programs and account types for a single beneficiary.
In summary, my expertise encompasses a comprehensive understanding of the nuances, significance, and implications of Maximum Account Balances within various state-sponsored educational savings plans, including the diverse limits set across different programs and their importance in maintaining compliance with federal regulations while saving for higher education expenses.
