Pub. 4 2014-2015 Issue 4

10 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S Alison Brink is a copy writer for the Retirement Services division of Ascensus. She researches and writes about various IRA, ESA, and HSA topics for Ascensus’ online and printed publications and education materials. Alison joined Ascensus in 2010 and has obtained the Certified IRA Services Professional (CISP) designation from the Institute of Certified Bankers. She graduated from the University of Wisconsin– Madison with a Bachelor of Arts degree in Communication Arts. a U.S. military academy (the distribution amount must fall within the allowable limits); • a distribution included in income because it was taken into account in determining an American opportunity or lifetime learning credit; and • the removal of an excess contribution before June 1 of the year following the year for which the contributionwasmade. All nonqualified distributions are taxable to the designated beneficiary, even though only the responsible individual (who sometimes is the designated beneficiary) can request a distri- bution. While the distribution is taxable, your organization is not responsible for calculating the taxable portion of the distri- bution. The IRS provides a worksheet in Publication 970 that taxpayers can use to calculate the taxable amount of an ESA distribution.   Coverdell ESAs – continued The American Banker reported earlier this month that Hen- sarling and Shelby may form an alliance around “getting things done,” as they share a similar world view despite vastly different approaches to policymaking. At the state level, we expect proposals related to foreclosure, credit unions’ acceptance of public funds, prompt pay, construc- tion defects and retainage, as well as bankruptcy exemptions and access to safety deposit boxes. Because CBA’s lobbying efforts have emphasized relationship building, we will continue to succeed at earning support for bills good for banking, and at killing bills that could harm our industry. Our former legislator opponents are now some of our strongest supporters, and we expect 2015 legislation to be more moderate than proposals we’ve seen in the past. CBA will remain strong in its promotion and defense of the industry both at the federal and state levels, thanks to our mem- bers’ continued support. Because we are working together, this organization is able to outwork not only its opponents, but its competitors. We know CBA is the right organization to support, and I look forward to standing together with you.  Jeff Schmitz, Citywide Banks CBA 2014-2015 Chairman  The Dust Has Settled – continued