Government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on an official government site.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Yes, once the withdrawal is made, it would be taxable on your Alabama income tax return.
The postmark date will be accepted as the date of the contribution, as long as it is on or before December 31st. The contribution does not have to be received by the plan on or before December 31st.
No, the money is not taxable as long as the money is used to pay for higher education expenses.
No deduction would be allowed on your Alabama income tax return, and the income would be reported once it is withdrawn or distributed from that other state’s plan.
Yes, the amount withdrawn is added back to the contributing taxpayer’s return, plus a 10% penalty.
The rollover is exempt from Alabama income tax.