IRS Increases ABLE Account Contributions for 2025
The Internal Revenue Service (IRS) has issued Notice 2024-40 , which adjusts various tax-related figures annually for inflation. These adjustments, which take effect on January 1, 2025, include the limits on contributions to ABLE accounts for 2025. The amount of money you …
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Bipartisan ENABLE Act Would Extend Expiring Provisions of the ABLE Program
U.S. Senators Bob Casey (D-PA) and Eric Schmitt (R-MO) introduced the Ensuring Nationwide Access to a Better Life Experience (ENABLE) Act earlier this year. As of September 20, 2024, the bill has unanimously passed the Senate. What to Know About The Enable Act The ENABLE Act aims to extend three …
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ABLE Account Contribution Limit to $18,000 Per Year in 2024
In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Act , which authorizes individuals with special needs to establish ABLE accounts or special savings accounts. Before the ABLE account, these individuals often could only have significant savings by jeopardizing their eligibility for government benefits. The …
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Financial Resources for Parents of Children with Special Needs
Supporting children with special needs typically goes far beyond age 18 and often is a lifelong commitment. Children with special needs may also have more financial needs than other children, especially if they have complex medical problems or require a …
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ABLE Age Adjustment Act included in Omnibus Spending Bill
When President Biden signed the Consolidated Appropriations Act of 2023 spending bill into law at the end of the 2022 legislative session, it included an important update to the Achieving a Better Life Experience (ABLE) Act, or the ABLE Age Adjustment Act . At …
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Contributing to an ABLE Account When an Individual with Special Needs is Working
Many individuals with special needs must necessarily rely on public assistance and government benefits to help pay for their often-significant expenses. Although family members and friends may be willing and able to help defray the costs of those expenses, doing …
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