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Senior Math U3 Vocab

DHS Yarbrough Senior Math Unit 3 Vocabulary

401 (k) A qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual retirement accounts, which can be matched by their employer.
403 (b) Retirement plan offered by public schools and some tax-exempt organizations. Employees save for retirement by contributing to individual accounts, and employers can also contribute. Also called a tax-sheltered annuity (TSA) plan.
457 Plan Plans of deferred compensation available for certain state and local governments. Plans allow employees of sponsoring organizations to defer income taxation on retirement savings into future years.
529 Plan A plan operated by a state or educational institution, with tax advantages and potentially other incentives to make it easier to save for college and other post-secondary training for a designated beneficiary, such as a child or grandchild.
Custodian A financial entity that is not a bank or insurance company that is in charge of a tax‑exempt retirement and savings account.
Direct Transfer A method to move funds from one individual retirement account (IRA) to another. You can also use this method to move money from a company retirement plan such as a 401(k) to an IRA.
ESA Also called a Coverdell plan, it allows money to grow tax deferred and proceeds to be withdrawn tax free for qualified education expenses. Qualified expenses include primary and secondary school costs, or college and university costs.
IRA A type of savings account that is designed to help you save for retirement and offers tax advantages. There are two different types: Traditional and Roth plans.
Pre-Paid Tuition Paying for college ahead of time by accumulating units of tuition costs. This is not recommended because your rate of return is only as much as the amount that tuition goes up as a result of inflation - on average about 6 to 7 percent.
Rollover A transfer of funds from a retirement account into a Traditional or Roth IRA. This can occur through a direct transfer or by a check, which the custodian writes to the account holder who then deposits it into another IRA account.
Roth IRA An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free.
SEPP Substantially equal periodic payments one of the exceptions in the US Tax Code that allows payments without the 10% early distribution penalty from a retirement plan or deferred annuity before the usual 59 1⁄2 age restriction under certain circumstances.
Tax-Favored Dollars Tax favored dollars are dollars where the income tax is deferred. Deferral represents an opportunity to avoid taxes when the rate of taxation is high and pay them when the rate is low such as dollars invested in a 401K plan.
UGMA The Uniform Gifts to Minors Act that allows assets where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund.
UTMA An act that allows a minor to receive gifts such as money, patents, royalties, real estate and fine art, without the aid of a guardian or trustee. It can limit the amount of financial aid a student can qualify for.
Created by: Mr. O'Dell