Michigan Laws 206.991 – Submission of certain information to internal revenue service, department, and account owner
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 206.991
- ABLE: means achieving a better life experience. See Michigan Laws 206.982
- account: means an account established under this act. See Michigan Laws 206.982
- Account owner: means an individual who is a resident of this state, or a resident of a contracting state, and who enters into a Michigan ABLE savings program agreement and establishes an ABLE savings account. See Michigan Laws 206.982
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the department of treasury. See Michigan Laws 206.982
- Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2015 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 206.982
- Program: means the Michigan ABLE savings program established pursuant to this act. See Michigan Laws 206.982
- Program manager: means 1 or more entities selected by the treasurer to act as a manager of the program. See Michigan Laws 206.982
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) In accordance with section 529A(d) of the internal revenue code, each program manager shall submit both of the following to the internal revenue service and the department:
(a) A notice upon the establishment of each ABLE savings account. The notice must contain the name and state of residence of the designated beneficiary and any other information as required by law or regulation.
(b) An aggregate report of the contributions, distributions, the return of excess contributions, and any other matter as required by law or regulation regarding its ABLE program during the tax year.
(2) Each program manager shall provide to the account owner, on or before the January 31 following the end of each calendar year, statements that identify the individual contributions made during the tax year, the total contributions made to the account for the tax year, the value of the account at the end of the tax year, distributions made during the tax year, the amount of excess contributions returned during the tax year, and any other information as required by the department.
(3) As required under section 529A(d) of the internal revenue code, the department shall electronically submit on a monthly basis to the commissioner of social security, in a manner specified by the commissioner of social security, statements on relevant distributions and account balances from all ABLE savings accounts.