ABLE Act
The ABLE Act of 2014
The able act, which was signed into law December 19, 2014, attempted to ease financial strain faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, and transportation.
Federal Resources & Information
H.R.647 – ABLE Act of 2014 (Congress.gov)
Summary of H.R.647 — 113th Congress (2013-2014)
ABLE Accounts: What You Should Know (SSA.gov – 11/20/2017)
The Social Security Administration (SSA) published this page to talk about ABLE Accounts and how opening one may help certain people with disabilities on the path to financial independence.
IRS Tax Tip: Issue Number ABLE Account (2/7/2020):
Here is a video tax tip from the IRS: ABLE Accounts English | Spanish | ASL
Tax Benefit for Individuals With Disabilities: IRC Section 529A (irs.gov)
Information and guidance regarding the savings programs available through the ABLE Act.
Tips for Opening Your ABLE Account (SSA – 10/23/17)
An ABLE Account allows you to save up to $14,000 per year of your own earnings from work, or with the help of contributions from family, friends, or an employer.
Michigan – ABLE Act
MiABLE 529 (A) "Achieving a Better Life Experience" (michigan.gov)
The Achieving a Better Life Experience (ABLE) program was created to encourage and assist individuals and families in saving funds for the purpose of supporting individuals with disabilities to maintain health, independence and quality of life; and to provide secure funding for qualified disability expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, the Supplemental Security Income (SSI) program, the Medicaid program, the beneficiary’s employment and other sources.
MiABLE ACCOUNT Participant Disclosure Statement
MiABLE's Three Year Anniversary
The Michigan Department of Treasury is pleased to announce that the MiABLE 529 Disability Saving/Investment Program has surpassed $12 million in assets. Over 3400 accounts have been opened since MiABLE first began enrollment November 1st, 2016 as the fifth ABLE program in the United States.
Websites & Resources
ABLE National Resource Center
The ABLE National Resource Center (ANRC) is a collaborative whose supporters share the goal of accelerating the design and availability of ABLE accounts for the benefit of individuals with disabilities and their families.
Amendments to the ABLE Act Introduced in Congress *UPDATED June 9, 2016* (5/31/16)
On March 17, a bi-partisan group of Members of Congress, including Senators Richard Burr (R-NC) and Bob Casey (D-PA) and Representatives Ander Crenshaw (R-FL), Cathy McMorris Rodgers (R-WA), Chris Van Hollen (D-MD), and Pete Sessions (R-TX), introduced a package of bills (however filed independently of each other) aimed at enhancing the benefits provided through the Stephen Beck Jr., Achieving a Better Life Experience (ABLE) Act. This package of bills consists of three pieces of proposed legislation.
Related Articles & Publications
ABLE accounts can work with supplemental needs trusts for disabled beneficiaries (5/2/2020)
Parents and grandparents who want to provide for a disabled child or grandchild may create a Supplement Needs Trust, also called a Special Needs Trust (SNT), for that beneficiary.
Achieving a Better Life Experience (ABLE) Accounts: A New Planning Tool for Persons with Disability (California Trusts and Estate Quarterly)
ABLE accounts are designed to allow persons with disabilities to control their own money in a tax free environment without jeopardzing eligibility for public benefits.
Disability, Poverty, and the Policy Behind the ABLE Act (NAELA – September 2018)
The Achieving a Better Life Experience (ABLE) Act enables independence and self-reliance for persons with disabilities. The act created the ABLE account, a powerful tool to help persons with disabilities save money and control their own future. ABLE accounts allow persons with disabilities to save money without jeopardizing their eligibility for public benefits.
Frequently Asked Questions of the ABLE Act
How ABLE accounts support special-needs children and their families (10/17/18)
The task of balancing the use of a family’s private wealth alongside potential government aid became a bit easier when Congress passed the ABLE Act of 2014.
Taxing Issues: Achieving a Better Life Experience accounts
As part of the new tax bill signed into law in 2017, a taxpayer may qualify for the Savers Credit, which will either reduce the tax liability or in some cases actually become part of a refund.
Untaxingly Yours – Code Sect. 529A UnABLE to Serve American's Most Deserving
What You Need to Know About Able Acts (8/18/17)
Prepared and presented by Craig Reaves for the 12th Annual CAP Conference – NAELA Council of Advanced Practitioners
What You Need To Know About ABLE Accounts (10/11/17)
Prepared and presented by Patricia E. Kefalas Dudek
