37.2.531    REPORTING REQUIREMENTS

(1) At least annually, within 31 days of the annual period to which they apply, the program manager must provide to each account owner an account statement. The statement must include:

(a) a balance of the account at the beginning of the reporting period;

(b) all activity during the reporting period including deposits, withdrawals, penalties paid, and income earned; and

(c) the balance at the end of the reporting period.

(2) A program manager must prepare and provide to account owners such information as the Internal Revenue Service or federal income tax law may require be provided to account owners by the required deadlines.

(3) A program manager must prepare and provide to the Department of Revenue (DOR) such information as the director of DOR may request to permit the DOR to verify the $3,000 income deduction permitted by 15-30-2110(12), MCA.

(4) A program manager, upon request of the department, must provide to the department copies of the reports that it provides to account owners.

History: 53-25-104, MCA; IMP, 53-25-109, 53-25-118, MCA; NEW, 2016 MAR p. 1575, Eff. 9/3/16.