General

General. Qualified Rollover Distributions are not subject to taxation or penalty. Rollover Distributions include both: A. Transfers between a QTP operated by one state and a QTP operated by another state; or, B. Transfers between separate QTP’s operated by the same state. These changes can be made as a non-taxable event without penalty or additional tax if there is a change of Beneficiary and the new Beneficiary is a "member of the family" of the previous Beneficiary. Account Owners may also rollover from one QTP to another for the same Beneficiary once every twelve (12) months without incurring state or federal income tax, any penalty or the additional tax, so long as the transfer occurs within sixty (60) days of the original withdrawal.