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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The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
How ABLE accounts aid with savings for people with disabilities. April 7, 2021 at 2:32 PM ...
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.
Disabled Americans face many financial hurdles, and the high cost of medical care may be the biggest. But when the disabled need to access assistance programs in order to pay for that medical care ...
The Maryland ABLE Program launched in November 2017. With Maryland ABLE, you can contribute up to $15,000 per year (or more if the beneficiary is working) to one of three investment options or a cash option, and account growth is tax-free when used for qualified disability expenses. All plans are overseen by Maryland 529 and its Board. [4]