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.
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.
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.
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