ABLE حساب هو حساب خاص مصمم لمساعدة الأفراد ذوي الإعاقة على توفير الأموال دون التأثير على أهليتهم للحصول على المساعدات الحكومية مثل ميديكيد. يتيح للأشخاص ذوي الإعاقة ادخار الأموال واستخدامها لتغطية النفقات المؤهلة مثل التعليم، والإسكان، والرعاية الصحية، دون خوض قيود الدخل التي من شأنها أن تؤثر على المساعدات الحكومية. يوفر حساب ABLE إطاراً قانونياً للأفراد لتحقيق الاستقلال المالي.

In this article, you will learn about ABLE accounts

Definition and Examples of ABLE Accounts

A tax-advantaged investment account designed for individuals who have been designated by the federal government as having a disability before the age of 26, and for parents of children with developmental disabilities. An ABLE account provides a degree of financial stability for individuals and parents receiving social security income through a savings account that is protected from asset traps of inheritance and property recovery by “Medicaid.” An amount of $100,000 in saved or earned income in an ABLE account is protected from property seizure by “Medicaid.” Additionally, the disability must be determined before the age of 26, and the beneficiary must receive either supplemental social security income and/or disability insurance through social security. If both of these requirements are met, you can automatically enroll in an ABLE account. Contributions to the ABLE account are made by individuals or parents of disabled children using after-tax funds, limited to $15,000 annually, which is the maximum amount allowed as a gift by the revenue service before recipients need to pay taxes on it. Limits placed on accounts vary from state to state, but within those states, the ABLE account holder can have up to $529,000 in deposits. Income earned on the accounts is not taxed.

History of ABLE Accounts

ABLE accounts were created in 2014 under the Achieving a Better Life Experience (ABLE) Act. The law allows states to create accounts for individuals with officially recognized disabilities as a way to pay for qualified disability expenses through tax-free distributions.

How ABLE Accounts Work

Currently, to qualify for an ABLE account, the disability must be diagnosed or self-certified by age 26. If you meet the age requirements and receive supplemental social security or disability insurance, you automatically qualify to open an ABLE account. The disabled person or anyone acting on their behalf can make contributions to the account up to $15,000 annually. Although these contributions are not tax-deductible and must be made with after-tax money, the earnings from investments in the ABLE account are tax-free. ABLE account holders can access the funds in their accounts via a debit card, and there may be a monthly fee for that. Even if the state where the disabled individual lives has not created an ABLE program, they can enroll in any state’s program, provided that the state accepts residents from outside the state. You can find out which states offer ABLE programs for non-resident residents.

Although the restrictions may seem complex, ABLE accounts provide some degree of financial stability for individuals identified before age 26 as having a disability. Due to the resource limits for those relying on Medicaid services, many individuals receiving supplemental social security/disability social insurance live above or below the poverty line. The ABLE account allows a more substantial source of funds that individuals can use to pay for expenses related to their disabilities and enhance their quality of life.

Source: https://www.thebalancemoney.com/what-is-an-able-account-5197497