Author: Terry Severson, Director of Marketing, First National Bank
The Achieving a Better Life Experience (ABLE) Act was passed in 2014 to better provide individuals and families with a tax-deferred savings option for qualified disability-related expenses. As a refresher, the following tax reforms affecting ABLE accounts have provided Enable Savings Plan Account Owners with the added flexibility of:
- Annual Contribution Limit Increase: Certain employed Account Owners may exceed the Annual Contribution Limit by the lesser of:
- The compensation included in the Account Owner’s gross income for the taxable year, or
- The federal poverty line for a one-person household.
Enable continuously strives to support the disability community in achieving financial independence.
For questions about how these tax reforms may affect your plan, please contact us at 1-844-ENABLE4 or via email at firstname.lastname@example.org. For further background and history about the ABLE Act please check out our past blog, “The ABLE Act is Turning 4: A Recap.”