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Form 8804 (Schedule A) online Mecklenburg North Carolina: What You Should Know
North Carolina Education Facilities Authority Information, assistance, and support for NC EFA: The North Carolina Education Facilities Authority has been created by Act of Feb. 16, 2016. (HB1043) FED Section 529 (Tax-Deferred Distributions) The Education and Investment Trusts (Its) are a special class of trust vehicles which allow a trustee to defer or avoid a distribution of income to a beneficiary upon the death or dissolution of the beneficiary or the trustee or upon a trustee's death. Funds received from a beneficiary who is a non-qualified plan, or a qualified plan in which the trustee participates; Distributions from an EIT to a beneficiary are tax-free even if the EIT does not have an annual distribution. Tax-exempt nonqualified Its are defined under Code section 408(g). The tax exemption is not lost on the sale of real property and interest in real property or any other nonqualified plan (other than a qualified plan in which the trustee participates). A nonqualified EIT will continue to qualify as an EIT in accordance with the terms of the trust and any applicable election in each year with respect to distributions from that EIT. However, it will be treated as having a tax basis of zero as long as the EIT remains owned by the trustee and as an adjusted tax basis on the date of dissolution Nondeductible Charitable Gifts The North Carolina Educational Facilities Authority has adopted provisions as the equivalent of Code section 4943(d) in order to permit a donor to deduct charitable contributions made to an approved educational facility, with the understanding that the amounts to which the donor has elected to treat as charitable gifts are attributable solely to the donor's use or enjoyment of an eligible educational facility. Tax-Exempt Non-Qualified Education Facilities — NCD EIF, the Educational Facility Fund, is a tax-exempt, nonqualified educational facility fund which provides an alternative to living in a nursing home or other facility for eligible individuals. The fund is organized under the North Carolina Educational Facilities Authority with the assistance of the U.S. Department of the Treasury under Section 529 of the Internal Revenue Code, except that the Fund maintains a separate accounting system and files separate tax returns, all required by the Internal Revenue code.
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