Page:United States Statutes at Large Volume 115 Part 1.djvu/81

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 59 education individual retirement account on the last day of the preceding taxable year if the contribution is made on account of such taxable year and is made not later than the time prescribed by law for filing the return for such taxable year (not including extensions thereof).". (2) EXTENSION OF TIME TO RETURN EXCESS CONTRIBU- TIONS. — Subparagraph (C) of section 530(d)(4) (relating to addi- 26 USC 530. tional tax for distributions not used for educational expenses) is amended— (A) by striking clause (i) and inserting the following new clause: "(i) such distribution is made before the first day of the sixth month of the taxable year following the taxable year, and", and (B) by striking "DUE DATE OF RETURN" in the heading and inserting "CERTAIN DATE". (g) COORDINATION WITH HOPE AND LIFETIME LEARNING CREDITS AND QUALIFIED TUITION PROGRAMS.— (1) IN GENERAL.— Section 530(d)(2)(C) is amended to read as follows: " (C) COORDINATION WITH HOPE AND LIFETIME LEARNING CREDITS AND QUALIFIED TUITION PROGRAMS.— For purposes of subparagraph (A)— "(i) CREDIT COORDINATION. — The total amount of qualified higher education expenses with respect to an individual for the taxable year shall be reduced— "(I) as provided in section 25A(g)(2), and "(II) by the amount of such expenses which were taken into account in determining the credit allowed to the taxpayer or any other person under section 25A. " (ii) COORDINATION WITH QUALIFIED TUITION PRO- GRAMS.—I f, with respect to an individual for any taxable year— "(I) the aggregate distributions during such year to which subparagraph (A) and section 529(c)(3)(B) apply, exceed "(II) the total amount of qualified education expenses (after the applicauon of clause (i)) for such year, the taxpayer shall allocate such expenses among such distributions for purposes of determining the amount of the exclusion under subparagraph (A) and section 529(c)(3)(B)."., -; (2) CONFORMING AMENDMENTS.— (A) Subsection (e) of section 25A is amended to read as follows: "(e) ELECTION NOT TO HAVE SECTION APPLY. —^A taxpayer may elect not to have this section apply with respect to the qualified tuition and related expenses of an individual for any taxable year.". (B) Section 135(d)(2)(A) is amended by striking "allowable" and inserting "allowed". (C) Section 530(d)(2)(D) is amended— (i) by striking "or credit" and inserting ", credit, or exclusion", and

�