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An ABLE account, also known as a 529 ABLE or 529A account, is a state-run savings program for eligible people with disabilities in the United States. Rules governing ABLE accounts are codified in Internal Revenue Code section 529A, which was enacted by the Achieving a Better Life Experience (ABLE) Act in 2014.
The treasurer oversees an office that currently handles over $20 billion and an annual operating budget of $3.5 million. Key programs in the office are Bonds Services, Cash Management, Unclaimed Property, the Ag Loan and Housing Loan Deposit Programs and the Kansas 529 Education Savings Program, which has more than 143,000 accounts with total ...
A 529 plan is something like a Roth IRA or 401(k) plan designed for educational savings. Contributions are not federally tax-deductible, but earnings grow tax-free, and distributions for ...
Excess 529 plan contributions can now take on a whole new purpose besides education costs that could prove even more valuable to the beneficiary.
But things have gotten even a bit better for those using 529 plans, thanks to 2022’s SECURE Act 2.0. You can convert funds in the account to a Roth IRA, starting in 2024.
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