22 States Offer Tax-Free Savings for People With Disabilities Families of children with disabilities living in 22 states can open special tax-free savings accounts, and more than 20 other states are considering legislation that would allow them. Federal legislation—the Achieving a Better Life Experience (ABLE) Act passed in December 2014—allows, but does not mandate, these tax-free savings accounts. Each ... News in Brief
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News in Brief  |   August 01, 2015
22 States Offer Tax-Free Savings for People With Disabilities
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Special Populations / Regulatory, Legislative & Advocacy / News in Brief
News in Brief   |   August 01, 2015
22 States Offer Tax-Free Savings for People With Disabilities
The ASHA Leader, August 2015, Vol. 20, 12. doi:10.1044/leader.NIB5.20082015.12
The ASHA Leader, August 2015, Vol. 20, 12. doi:10.1044/leader.NIB5.20082015.12
Families of children with disabilities living in 22 states can open special tax-free savings accounts, and more than 20 other states are considering legislation that would allow them.
Federal legislation—the Achieving a Better Life Experience (ABLE) Act passed in December 2014—allows, but does not mandate, these tax-free savings accounts. Each state must establish its own regulations. ABLE accounts of up to $100,000 do not jeopardize eligibility for Social Security and other government programs, including Medicaid, and can be used to cover qualified expenses such as assistive technology, personal support services, education, housing, health care and transportation.
People who have a condition that occurred before age 26 may open one ABLE account. Under current gift-tax limitations, as much as $14,000 could be deposited annually.
Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Montana, Nebraska, Nevada, North Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington and West Virginia have enacted ABLE legislation.
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FROM THIS ISSUE
August 2015
Volume 20, Issue 8