N.J.S.A. 18A:71B-20.2 — Certain information solicited from financial aid applicant.

18A:71B-20.2 Certain information solicited from financial aid applicant. 1. The Higher Education Student Assistance Authority shall solicit from a financial aid applicant, information on whether he received an early withdrawal from a qualified retirement plan under the Internal Revenue Code of 1986, such as an individual retirement account or a 401(k) plan, and the amount thereof. If an early withdrawal was received, the amount of the early withdrawal, less the amount of any federal income tax credit claimed by the applicant for a tax penalty assessed on the early withdrawal, shall be deducted from the adjusted gross income utilized by the authority to determine the applicant's eligibility for, and the amount of, a State tuition aid grant. This exclusion shall only be permitted if the applicant provides documentation that the early withdrawal was taken due to an economic hardship, as determined by the authority. L.2017, c.384, s.1.

This is the verbatim text of N.J.S.A. 18A:71B-20.2, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.