The ABLE Act is changing the way that people who have disabilities can work, save money and spend money on qualified disability expenses. Click below for Christine’s brief presentation in PDF on the ABLE Act Basics, including answers to the following:
- What makes someone eligible to be a designated beneficiary of an ABLE account?
- Who can contribute to an ABLE account?
- How are ABLE account distributions made?
- What types of purchases are considered to be qualified disability expenses?
- What are the tax benefits of ABLE accounts?
- What are the limitations of ABLE accounts?
- How does the ABLE account work in Missouri?
- What changes are being proposed to the current legislation?
The ABLE Act permits a State to establish and maintain a new type of tax-advantaged savings plan for designated beneficiaries under 529A of the Internal Revenue Code.