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ABLE Accounts are a Valuable Benefit for Taxpayers with Disabilities
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ABLE Accounts are a Valuable Benefit for Taxpayers with Disabilities

IRS, Personal Taxes, Saver's Credit, Tax Credits, Tax Relief, Tax Tips, Taxes

ABLE Accounts are a Valuable Benefit for Taxpayers with Disabilities

This article was published by the IRS. Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. Here are some key things people should know about these accounts. Annual contribution limit The limit remains $15,000 in 2020. Certain [...]

cozbycpa2022-11-02T11:57:57-04:00November 2nd, 2022|Categories: IRS, Personal Taxes, Saver's Credit, Tax Credits, Tax Relief, Tax Tips, Taxes|Tags: ABLE accounts, Achieving a Better Life Experience account, Cozby & Company, CPA Heather Cozby, IRS Form 8880, Plymouth MA tax preparer, rollovers and transfers from section 529 plans, saver's credit, what is the annual contribution limit for an ABLE account|

Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit

People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major changes [...]