N.J. Admin. Code § 9A:10-7.13

Current through Register Vol. 56, No. 11, June 3, 2024

Section 9A:10-7.13 - Statements, reports on distributions, information returns

(a) The Authority or its designee shall prepare, distribute, and file statements, reports on distributions, and information returns relating to accounts to the extent required by section 529 of the Federal Internal Revenue Code or regulations issued thereunder. Separate records and accounting shall be maintained for each account for each designated beneficiary.

(b) Statements shall be provided to each contributor at least once each year within 31 days of the end of the 12-month period to which they relate. The statement shall identify the contributions made during the preceding 12-month period, the value of the account as of the end of such period, distributions made during such period and any other matters that the Authority shall require to be reported to the contributor, to the extent required by section 529 of the Federal Internal Revenue Code or regulations issued thereunder.

(c) If there is any contribution to or distribution from an account to any individual or for the benefit of any individual during a calendar year, such contribution or distribution shall be reported to the Internal Revenue Service and to the contributor or designated beneficiary to the extent required by Federal law or regulation.

(d) Statements and information returns relating to accounts shall be prepared and filed to the extent required by Federal or State tax law.

N.J. Admin. Code § 9A:10-7.13

Recodified from N.J.A.C. 9A:10-7.10 and amended by R.2002 d.289, effective 9/3/2002.
See: 33 New Jersey Register 4053(a), 34 New Jersey Register 3086(a).
In (b), in second sentence deleted "the total contributions made through the end of the period," after "preceding 12-month period,". Former N.J.A.C. 9A:10-7.13, Amount excluded from State need-based financial aid eligibility, recodified to N.J.A.C. 9A:10-7.16.