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An ABLE account, also known as a 529 ABLE or 529A account, is a state-run savings program for eligible people with disabilities in the United States.Rules governing ABLE accounts are codified in Internal Revenue Code section 529A, which was enacted by the Achieving a Better Life Experience (ABLE) Act in 2014.
The Tax Cuts and Jobs Act also allowed rollovers from 529 plans to ABLE accounts, as long as the ABLE account beneficiary is the original 529 beneficiary or a qualified family member. The allowed annual rollover amount is set at the standard IRS gift tax exemption, less any other contributions made in the current tax year. [17]
One of the newest financial products around, ABLE accounts are a 529 account with all kinds of bells and whistles built specifically to serve disabled Americans. After years of grassroots advocacy ...
Ohio’s 529 plan, CollegeAdvantage. ... If you open an account through a broker, you may be able to benefit in a couple ways. First, a broker can help you sift through multiple 529 plans and find ...
ABLE accounts allow individuals with disabilities to save money using a tax-advantaged account. These accounts were created as part of the Achieving a Better Life Experience Act (ABLE) of 2014.
The Ohio ABLE Act, creating ABLE accounts, was the first of its kind state program which allows those with a qualifying disability to save for their disability expenses into a 529(a) savings account. Dever introduced legislation making Ohio the first state in the nation to pass this legislation. [6] [7]
Miranda Kennedy, ABLE National Resource Center Director, joins Yahoo Finance’s Kristin Myers and Alexis Christoforous to break down special savings ABLE accounts provide for those with disabilities.
Shutterstock By Susan Johnston Americans with disabilities and their families often face a myriad of financial challenges, but they will soon have a new financial vehicle allowing them to save for ...