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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.
One of the most important developments in special needs planning was the Achieving a Better Life Experience Act of 2014, which created ABLE accounts. Whether you have a child with special needs or ...
ABLE accounts allow individuals with disabilities to save money using a tax-advantaged account. These accounts were created as part of the Achieving a Better Life Experience Act (ABLE) of 2014.
Miranda Kennedy, ABLE National Resource Center Director, joins Yahoo Finance’s Kristin Myers and Alexis Christoforous to break down special savings ABLE accounts provide for those with disabilities.
In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Act, laying the groundwork for ABLE accounts. ABLE, or 529A, accounts are similar to 529 plans, except for the purpose of saving for a disabled beneficiary's special needs.
The first $100,000 in an ABLE account is not counted as an asset for purposes of SSI eligibility. Once an ABLE account balance exceeds $100,000, the beneficiary's SSI payments are suspended until the account balance drops below $100,000. However, the beneficiary remains covered by Medicaid regardless of the account balance.
One of the newest financial products around, ABLE accounts are a 529 account with all kinds of bells and whistles built specifically to serve disabled Americans. After years of grassroots advocacy ...
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