Texas Administrative Code

Texas Administrative Code

TITLE 34	PUBLIC FINANCE
PART 1	COMPTROLLER OF PUBLIC ACCOUNTS
CHAPTER 7	PREPAID HIGHER EDUCATION TUITION PROGRAM
SUBCHAPTER N	TEXAS ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) PROGRAM
RULE §7.188	Distributions

(a) A request for a distribution may be submitted to the Program in a format approved by the Board. The Program may request additional information as necessary to process a distribution.

(b) The participant is responsible for submitting correct information regarding a distribution to a payee.

(c) The Program is not responsible for any late fees or other fees or penalties that may be due to a payee related to the distribution.

(d) The participant is responsible for maintaining sufficient records regarding the distribution adequate to substantiate to the Internal Revenue Service or the Social Security Administration that a distribution is for a qualified disability expense.

(e) Any taxes or penalties due the Internal Revenue Service for distributions that are not qualified disability expenses are the responsibility of the participant.

Source Note: The provisions of this §7.188 adopted to be effective September 12, 2016, 41 TexReg 7111