Summary Plan Description
Income Tax
Vacation Plan contributions are after-tax dollars so you have no further tax obligation on those contributions. However, all dividends paid to your account are considered taxable income. Qualstar will provide you with a 1099 Interest form by January 31 of each year. This form lists your interest earnings from this account for the preceding year. Contributions and dividends to your Qualstar account are considered “earned income.”
Therefore, the Internal Revenue Service can
garnish these wages to pay back taxes. A lien
can also be placed on the money for other reasons
such as child support. No withdrawal can
be made when these restrictions are imposed.
Life Events
See All the Plan Rules and Forms Related to Events in Your Life