“IRS Relaxes Rules For New ABLE Accounts”

Important ABLE Act Update: “In a notice, the agency said it plans to issue final regulations with less stringent reporting requirements. Specifically, individuals opening ABLE accounts will not need to submit medical documentation, but will have to certify under penalty of perjury that they have a qualifying diagnosis. What’s more, the agency indicated that ABLE programs will not be required to request taxpayer identification numbers from contributors to ABLE accounts except in limited circumstances and program administrators will not have to categorize what money in the accounts is used for.”

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