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Topic 11: Educational Funding - 23 (4) The amount of the credit is 20 percent of the rst $10,000 of quali ed tuition paid for all eligible students (5) The maximum amount per family is $2,000 and is calculated as 20 percent $10,000 C Student loan interest (1) Taxpayers can deduct up to $2,500 of interest on quali ed education loans for college expenses as an adjustment to income (2) The deduction phases out when modi ed adjusted gross income (AGI) exceeds certain limits (3) Voluntary payments of interest are also deductible (4) Deductible amounts must be reduced by any nontaxable education bene ts received, such as employer-provided assistance and nontaxable distributions from a Coverdell education savings account (ESA) D Deduction for higher education expenses (1) For tax years 2002 through 2005, taxpayers will be allowed to claim a deduction for quali ed higher education expenses as an adjustment to income The deduction expires for tax years after 2005 (2) The allowable deduction is based on the tax year and the taxpayer s modi ed AGI In 2003, if AGI does not exceed $65,000 if single or $130,000 if married ling jointly (MFJ), then the deduction limit is $3,000 (3) There is no phase-out range a married taxpayer with $3,000 in quali ed educational expenses and modi ed AGI of $130,000 would be entitled to deduct the full $3,000 The same taxpayer with just $1 more in modi ed AGI would not be entitled to a deduction (4) Cannot be claimed in a year in which a Hope or Lifetime Learning Credit has been claimed for the same student 3 Quali ed tuition plans (QTP or 529 plans) A Every state s program must meet the regulations of Section 529 of the Internal Revenue Code de ning quali ed tuition plans (QTP) B It is a state-sponsored, taxed advantage plan used for undergraduate- and graduate-level expenses; extends tax-exempt status to quali ed tuition programs funded by private institutions, starting in 2004 C Account owner selects bene ciary (1) Contributor stays in total control and can reclaim funds at any time (2) If bene ciary does not attend college, the contributor is allowed to replace the current designated bene ciary with a new bene ciary who is a member of the family D Can be established by anyone to pay for quali ed education expenses E Tax-free growth of earnings if withdrawn for quali ed educational expenses Penalty-free withdrawals include tuition, room and board, and books and supplies F The funding is treated as a gift of a present interest qualifying for the annual $11,000/$22,000 tax exclusion Contributor may elect to treat the gift as occurring ratably over a ve-year period, so that the $11,000/$22,000 exclusion can be leveraged to as much as $55,000/$110,000 in one year G Contributions are treated as a completed gift for estate and gift tax purposes This rule applies despite the fact that the owner retains ownership rights, which would normally be treated as his or her estate (1) Varies by state, but generally no age restriction for bene ciary.



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Line 1: The name of the class is dynamically generated and based (at least for Jakarta) on the revision level of the original JSP file Line 2: HttpServlet isn't what's extended; HttpJspBase is Lines 4 and 5 (and throughout the code): At least for Jakarta, notes are made as to which parts of the JSP file are spliced into the generated servlet Java file Lines 21 through 43: A number of special variables are introduced that are actually accessible to developers writing a JSP page For example, a JSP page can reference the application or session objects (How to use these variables is a fairly detailed topic and beyond the scope of this introductory discussion) Lines 53 through 78: The JSP scriptlets and HTML are spliced in; the placement isn't surprising, and we can now see how our Java code in the JSP file makes a real difference during servlet execution





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As you will notice, this link executes a get request to the Delete.do path with the request parameter username, which will contain the username of the employee to be deleted. The code for the DeleteEmployeeAction object appears in Listing 11.24. Listing 11.24: The Delete Employee Action.

Since we already know how to code the static part of any JSP page (ie, the HTML, XML, or WML we want), the only thing we need to learn is the set of JSP scripting elements available and how they work As mentioned, these elements are directives, scriptlets, expressions, or

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declarations Assuming that we know Java already, the only real mystery is the JSP directives themselves Directives are specified in a JSP page using the following syntax, where a directive type is expressed along with its attributes:

[java] 2009-10-26 20:42:48.029 java[3652:1303] Hello world! (of course)

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24 - General Principles of Financial Planning (2) Contributions can be made to a Coverdell (education) IRA and a 529 College Savings Plan in the same year for the same bene ciary without penalty (3) Contributions may be deductible for state income tax (depending on state plan) H Contribution limits vary by state, but some plans allow an annual contribution up to $265,000 I Investment choices vary by type of plan: (1) Prepaid tuition plan Guarantees money saved today matches the growth in tuition in ation at state-run colleges (2) College savings plan Managed by state treasurer or outside investment adviser invests in stocks, bonds, and cash J Impact of nancial aid varies by type of plan: (1) Prepaid tuition plan Every dollar used for tuition takes a dollar away from the student s eligibility for aid (2) College savings plan If plan is in parent s name, the college will count no more than 56 percent of the money each year If the plan is in the child s name, each year the school may want 25 or 30 percent of the money K Coordination with Hope and Lifetime Learning Credits Can claim the Hope and Lifetime Learning Credit in the same year of receiving a tax-free distribution, provided the distribution is not used for the same expenses for which the credit is claimed L Major drawbacks: (1) This is a long-term plan that should be started when the child is 10 years old or younger (2) Withdrawals are treated as income to the child and could hurt nancial aid (3) Typically provide very few investment choices (4) Dif cult to transfer to another program (5) Earnings taxed as ordinary income and a 10 percent penalty tax on nonquali ed distributions (6) The 2001 tax law sunsets on January 1, 2011 on that day Congress could make withdrawals from these accounts taxable 4 Education IRAs (also called Coverdell ESAs) A An education savings plan used for undergraduate- and graduate-level expenses B Account owner selects bene ciary (1) Parent or guardian establishes the account and can elect to maintain control over the account for educational purposes (the institution where you establish the Coverdell ESA will have policies determining the decision-making authority for the account) (2) Any withdrawals from the Coverdell ESA are paid to the bene ciary and are not refunded to the parent or other person who establishes the account (3) If bene ciary does not attend college, the bene ciary can be changed to a member of the bene ciary s family if under the age of 30 C To establish the account, bene ciary must be under age 18 unless the individual is designated as a special needs bene ciary D Tax-free growth of earnings occurs if withdrawn for quali ed educational expenses before the child is age 30 E Withdrawals are tax free if they are not more than the bene ciary s quali ed education expenses for the tax year.

For example, line 1 of the hitsjsp file shown in Listing 7-5 uses the page directive with one attribute named import The JSP spec defines three types of directive:

4 The receiver is assumed to be time-synchronized to the transmitted signal; that is, it knows the time epoch of the beginning of the transmission. 5 Each integral in (7.3) is in fact an L -fold integral. p

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page communicates page properties to the servlet container taglib provides a means for abstracting functionality in a JSP page include includes other files directly in the current JSP

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