New ABLE Account Rules

Jan 16, 19 New ABLE Account Rules

FROM OUR FRIENDS AT DISABILITY SCOOP

New ABLE Account Rules

With a change taking effect this year, individuals with disabilities can save more money than ever before without losing out on Social Security, Medicaid and other government benefits.

The Internal Revenue Service is reminding people with disabilities who are employed that for the first time they can deposit extra money into their ABLE accounts.

Annual contributions to ABLE accounts are currently capped at $15,000. However, under a law passed late last year, people with disabilities who work can now accrue at least some of their wages as well.

The allowable extra savings rises to $13,960 for those living in Hawaii and $15,180 for Alaska residents, officials said.

In addition, the IRS indicated that workers with disabilities who have ABLE accounts can now qualify for a Saver’s Credit, which can reduce their federal tax bill.

Aside from the new provisions for those who are employed, the IRS said it is now possible to roll over money from traditional 529 college savings plans into ABLE accounts. This change is designed to help families that set up college savings plans before learning that their child had a disability.

ABLE accounts, which were established under a 2014 federal law, allow individuals with disabilities to accrue up to $100,000 without risking eligibility for Social Security and other government benefits. Medicaid can be retained no matter how much money is in the accounts.

Individuals must have disabilities that onset prior to age 26 to qualify.

At present, 39 states offer ABLE programs, many of which are open to people with disabilities nationwide.


RELATED ARTICLES PAGES AND TOPICS

Honoring President George H. W. Bush and the ADA

Special needs financial planning checklist. Time to plan! The clock is ticking!

Technology, learning, autism, special education – our friends at Awake Labs

SSI or SSDI. What to know when applying for disability benefits.

Pathfinders for Autism, letter from self-advocate Jake Edwards

What are you able to do with your ABLE account? Pay household expenses.

Where is Seth’s Mom? Walk with Choosy health and fitness event

SETH TALK – my family and my autistic son

SETH’S MOM DISABILITY AND MENTAL HEALTH NEWS AND ENTERTAINMENT NETWORK

My Story, My Connection Mental Health Treatment and Recovery

Disability savings. What are you able to do with your ABLE account? Shield your income.


NEXT  STEPS…

Join the conversation. Click here to register your profile. Comment on articles, chat with others and more!

Share your story with the community. Click here to contact us about doing a SETH TALK.

Interested in becoming a guest writer for Seth’s Mom. Click here to contact us.

Plan your day with Seth’s Mom. Click here to visit our Events page.


External Resources

Support program: Autism Sibling Support Initiative

Support program: Sibling Support Project

Maryland Developmental Disabilities Council

Maryland Early Intervention and Special Education Services

Administration for Community Living

Pathfinders for Autism

Disability Scoop

Depression and Bipolar Support Alliance

0 Comments

Trackbacks/Pingbacks

  1. Maryland DSP Training Consortium for direct care staff - Seth's Mom - […] may not know? Using technology for care – our friends at Awake Labs New ABLE Account Rules I can’t…
  2. Seth the disco teacher - a moment in Seth's life - Seth's Mom - […] New ABLE Account Rules […]

Leave a Comment