Oregon Announces Expected Launch Date for Oregon ABLE Savings Plan
On July 25, 2016, the Oregon 529 Savings Board announced that the Oregon ABLE Savings Plan is expected to launch in December of 2016. In addition, the Board selected BNY Mellon as the Plan’s program manager. Now that a program manager has been chosen, the Oregon 529 Savings Board will spend the coming months focusing on working to solidify the plan’s details which will be key to financially empowering people with disabilities.
Oregon residents are eligible for a state tax deduction — up to $4,620 for joint tax filers and $2,310 for single filers in 2016 — when contributing to ABLE plans with a beneficiary under the age of 21. Anyone can contribute to an account up to the annual gift tax exclusion of $14,000. The maximum account balance for ABLE plans is $310,000, however it is important to note that once an account exceeds $100,000 it starts to count against the $2,000 asset limit for SSI.
For more information regarding the specific ABLE Programs and about ABLE in general, please check out our website at www.ablenrc.org. For future updates and news regarding ABLE legislation and how it can affect you, we encourage you to sign up for our mailing list, and follow us on Facebook.