; multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) of the Internal Revenue Code of 1986 for the calendar year, determined by substituting calendar year 2023 for calendar year 2016 in subparagraph (A)(ii) thereof. (B) Rounding If any dollar amount increased under subparagraph (A) is not a multiple of $5, such dollar amount shall be rounded to the nearest multiple of $5. (8) Accounts may not be assigned An account established on behalf of an individual under the Federal 401Kids Account Program may not be pledged or assigned to any other person. (9) Modified adjusted gross income For purposes of this subsection, the term modified adjusted gross income means adjusted gross income (as defined in section 62 of the Internal Revenue Code of 1986) increased by— (A) any amount excluded from gross income under section 911 of such Code, (B) any amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax, and (C) an amount equal to the portion of the taxpayer’s social security benefits (as defined in section 86(d) of such Code) which is not included in gross income under such section 86 for the taxable year. (c) Distributions from 401Kids Savings Account (1) In general Amounts in a 401Kids Savings Account under the Federal 401Kids Account Program— (A) after the date the individual on whose behalf the account was established attains age 18, may be— (i) distributed to such individual in cash, (ii) transferred directly to an eligible educational institution, mortgagee, lender, or guarantor with respect to an expense described in section 529(f)(4)(E)(i) of the Internal Revenue Code of 1986, or (iii) contributed in a direct transfer to an ABLE account (as defined in section 529A(e)(6) of the Internal Revenue Code of 1986) or a Roth IRA (as defined in section 408A of such Code) of the individual, and (B) if the individual whose behalf the account was established does not elect to receive any such distribution, shall remain in the account. (2) Treatment of