After months of planning and collaboration, we are ready to begin the #ABLEtoSave ABLE awareness campaign on Monday July 31! The campaign will provide information and other resources about ABLE accounts every day for the entire month of August, ending on Friday September 1. We are grateful that you have all agreed to participate in getting out the message about the benefits of ABLE accounts for people with disabilities an their families. Together, we can increase awareness of ABLE accounts across the nation and (hopefully) accelerate the opening of accounts across all ABLE programs.
July 5, 2015
On June 19, the Internal Revenue Service issued proposed regulations for implementation of the Achieving a Better Life Experience (ABLE) Act of 2014. These proposed regulations, titled Guidance Under Section 529A: Qualified ABLE Programs, were published in the Federal Register on June 22. Public comments are due on September 21, 2015.
The Arc of the United States has issued a short and long version of their summary of the federal ABLE Act as it was passed. Both can be found below.
The Tax Highlights for Persons with Disabilities (Publication 907) document is published yearly by the IRS and is aimed at preparing the disabled community for filing specific tax returns. It includes highlights about income, itemized deductions, tax credits, household employers, and business tax incentives. In its most recent publication issued on December 18, 2015, it discusses the ABLE Act and the benefits it can provide for disabled persons and their families.
The Achieving Better Life Experience (ABLE) Act breaks new ground in exploring opportunities for eligible individuals with significant disabilities to rethink their future goals regarding work, income saving and investment, and community participation. The beneficiary of an ABLE account is also the owner of the account.
This Special Needs Planning Workbook provided by The Menick-Friese Group is intended to help individuals with disabilities and their family members create an action plan that will guide them through the special needs planning process. It includes sections on the five major planning components of a good financial strategy: Lifestyle, Estate Planning, Portfolio Management, Family Protection, and Liability Management.
On March 21, 2016, the Social Security Administration (SSA) published an updated version of its Program Operations Manual System (POMS) regarding the ABLE Act, ABLE accounts, and ABLE funds. These POMS indicate how SSA will treat ABLE accounts and ABLE funds for purposes of eligibility for Social Security benefits.
The Office of Investor Education and Advocacy of the Securities and Exchange Commission (SEC) produced an Investor Bulletin: An Introduction to ABLE Accounts. The Bulletin offers a concise overview of what are ABLE accounts and answers key questions about eligibility, contribution limits and impact on federal and state taxes.
Prior to the release of the Notice of Proposed Rule Making concerning the ABLE Act, the IRS released a notice re-affirming that the qualified beneficiary is the owner of the ABLE account. The notice can be found here.
The following document is the House Ways and Means Committee Report. It helps to explain the language and intent of the law as considered by Congress prior to the bill having been passed.
Updated December 2014
Achieving a Better Life Experience Act of 2014 or the ABLE Act of 2014 - Title I: Qualified ABLE Programs - (Sec. 101) States as the purposes of this title to: (1) encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life; and (2) provide secure funding for disability-related expenses of beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, title XVI (Supplemental Security Income) and title XIX (Medicaid) of the Social Security Act, the beneficiary's employment, and other sources.
This website with an interactive map allows quick easy access to each state ABLE program and the full disclosure document that explains investment options, fees and expenses and any state tax benefits. It is managed by the Municipal Securities Rulemaking Board.
The College Savings Plans Network released the follow letter to the Department of Treasury and the IRS. The letter primarily focuses on their concerns related to the documentation needed open an account, issues related to collecting a tax identification number of contributors, and safegaurds related to non-qualified disbursements.
This is a printable document that gives suggestions on what a person might want to take into consideration when choosing the right ABLE program for them.
The Center for Medicare and Medicaid Services (CMS) has released guidance to State Medicaid Directors regarding the “Implications of the ABLE Act for State Medicaid Programs”.
The contents of the letter are divided into the following topics:
- Treatment of Funds in an ABLE Account
- Contributions to ABLE Accounts
- Distributions from ABLE Accounts
- Post-Eligibility Treatment of Income
- Transfer of ABLE Funds to State Estate Recovery
The ABLE National Resource Center has submitted our comments regarding the Notice of Proposed Rule Making (NPRM) with respect to the Achieving a Better Life Experience (ABLE) Act. The purpose of the ABLE NPRM is to give further clarity and guidance over the implementation and development of individual state ABLE programs. The Center wishes to express our appreciation to the Department of Treasury, and the Internal Revenue Service (IRS), for their prompt release of the NPRM and the opportunity to provide comment.
January 1, 2017
The ABLE National Resource Center Report/Brochure reviews basic ABLE Act components, major accomplishments of the Center during its first two years in existence, and reviews examples of how ABLE accounts change the lives of people with disabilities by profiling two ABLE account owners.
The article, authored by Michael Morris, J.D., Executive Director, National Disability Institute and BBI, Christopher Rodriguez, M.P.A., Senior Public Policy Advisor, National Disability Institute, and Peter Blanck Ph.D, Chairman, BBI, explains the critical elements of ABLE implementation and describes the impact of ABLE on future disability policy and program development.
July 15, 2016
This short discussion, prepared by James R. Sheldon, the Supervising Attorney of the National AT Advocacy Project at Neighborhood Legal Services, Inc, examines the case of an individual with a significant disability and how she can combine various resources with the creation of an ABLE Account to transition to independent living and work.