Tag Archives: #ABLEAccounts

Is Congress Working on a Way to Make ABLE Accounts More Beneficial?

We have blogged about the Achieving a Better Life Experience Act (ABLE Act) in the past, including in March when we discussed how ABLE accounts work to help people with disabilities avoid paying taxes on certain forms of income. Recently, Congress began considering ways to expand access for those seeking to acquire an ABLE account. If this ABLE account expansion legislation is passed, it could provide a way for more people with disabilities to use ABLE accounts to ease their financial burden. How Is Congress Planning to Change ABLE Accounts? Earlier this month, lawmakers from the US House of Representatives and Senate introduced three bills to Congress that would modify the ABLE Act: The first bill introduced would enable individuals with disabilities who are employed to save money with ABLE accounts. Currently, there is a $14,000 limit to annual deposits to ABLE accounts. Under this proposed law change, in addition…
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How Can ABLE Accounts Help People with Disabilities?

ABLE accounts are savings accounts for disabled individuals. They are a product of the Achieving a Better Life Experience Act of 2014 (ABLE Act). The income from ABLE accounts is not taxed. How Do ABLE Accounts Work? Most of the public benefits that people with disabilities and their families depend on for food, health care and housing, like Social Security Income (SSI), Social Security Disability Insurance (SSDI) and Medicaid, are not eligible to individuals with more than $2,000 in savings. These programs require that the disabled remain below the poverty line to remain eligible for benefits. However, this can negatively impact the lives of people with disabilities, because of the high cost of living that the disabled and their families face. The ABLE Act recognizes that public benefits often fail to cover necessities, such as employing a caregiver or making your home and vehicles accessible. Therefore, ABLE accounts were created…
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