(1) Qualified withdrawals from an account are:
- (a) a withdrawal from an account to pay the qualified disability expenses of an account owner;
- (b) a withdrawal made as the result of the death of the account owner; or
- (c) a rollover distribution or a change of designated beneficiary and account owner.
- (2) A qualified withdrawal may be made by the account owner, by an agent of the account owner who has a power of attorney for the beneficiary, or by the account owner's legal guardian for qualified disability expenses.
- (3) Nonqualified withdrawals are any withdrawals from an account other than qualified withdrawals and are subject to a recapture tax, as allowed under section 529A(c)(3) of the Internal Revenue Code and as implemented by the Montana Department of Revenue.
Authorizing statute(s): 53-25-104, MCA
Implementing statute(s): 53-25-110 MCA
History: NEW, 2016 MAR p. 1575, Eff. 9/3/16.