Skip to main content
Find a Lawyer

Alaska Statutes Title 6. Banks and Financial Institutions § 06.65.160. Program account contributions

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) As provided by the federal authorizing law, a person may make a contribution to a program account for the designated beneficiary. A person may also make a contribution to a program account under AS 14.40.802(f)(3).

(b) A person may not make a contribution to open or add to a program account unless the person makes the contribution by using a method of payment acceptable to the department.

(c) Any person may make a contribution to a program account, but the amount that the person may contribute is subject to the limits set by the federal authorizing law, the department, or AS 14.40.802(f)(3).

(d) The department or the financial contractor shall reject or withdraw from a program account

(1) that part of a contribution that exceeds the limit established under (c) of this section; or

(2) the total amount of a contribution, if the department or the financial contractor determines that the

(A) value of the program account without the contribution is equal to or greater than the maximum limit established by the federal authorizing statute for the program account; or

(B) designated beneficiary is not an eligible individual during the calendar year in which the contribution is made.

(e) If a person makes a distribution from a program account during a calendar year, the financial contractor shall report the distribution to the federal Internal Revenue Service and to the account owner or the representative of the account owner.

(f) The report under (e) of this section must include the distribution information required by state and federal law.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Alaska Statutes Title 6. Banks and Financial Institutions § 06.65.160. Program account contributions - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-6-banks-and-financial-institutions/ak-st-sect-06-65-160/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard