As such, monies in QTP accounts that designate a parent as the account owner will count for less on the aid application (which improves chances that aid will be granted) than if the applicant/student is named as the account owner.
What does AO stand for?
AO stands for Account Owner
This definition appears frequently and is found in the following Acronym Finder categories:
- Information technology (IT) and computers
See other definitions of AO
We have 60 other meanings of AO in our Acronym Attic
- Abdominal Obesity
- Abgabenordnung (German tax regulations)
- Abnormal Occurrence
- Abort Output (TELNET protocol)
- Academy of Osseointegration
- Access Opening
- Access Ordering
- Accommodation Officer
- Accompanying Object
- Account Of
Samples in periodicals archive:
IRS plans to propose a new rule stating that when an account owner changes a designated beneficiary in a way that imposes a tax, the transfer will be considered a distribution to the account owner, assuring that the tax liability falls on the owner.
Assuming that our tuition increases would parallel the national average rate of 6 percent per year, adding an Independent 529 Plan annual discount rate of 1 percent would give the account owner the equivalent of earning a 7 percent return each year--tax-free.
Assuming immediate vesting (so that the employee is treated as the account owner immediately), a cash-basis taxpayer and an arm's-length transaction, the contribution would be both ordinary income to the employee and a completed gift to the designated beneficiary in the year paid.
GIT plans to offer HSA accounts that will be simple to set up and will allow account owners to invest in a wide range of plans with low fees.