33-5405. TAXATION TO BENEFICIARY. The designated beneficiary, as defined in section 529(e)(1) of the Internal Revenue Code, from an individual trust account or savings account established under this chapter is liable for taxes that may accrue under chapter 30, title 63, Idaho Code, when a nonqualified withdrawal is received by the designated beneficiary.
History:
[33-5405, added 2000, ch. 213, sec. 1, p. 580; am. 2020, ch. 245, sec. 3, p. 719.]
Structure Idaho Code
Chapter 54 - COLLEGE SAVINGS PROGRAM
Section 33-5401 - DEFINITIONS.
Section 33-5402 - STATE COLLEGE SAVINGS PROGRAM BOARD — COLLEGE SAVINGS PROGRAM — POWERS AND DUTIES.
Section 33-5403 - ADMINISTRATION OF THE PROGRAM.
Section 33-5404 - PROGRAM REQUIREMENTS.
Section 33-5405 - TAXATION TO BENEFICIARY.
Section 33-5406 - SCHOLARSHIPS AND FINANCIAL AID PROVISIONS.
Section 33-5407 - LIMITATIONS OF CHAPTER.
Section 33-5408 - ANNUAL REPORT.