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Share Comments until January 8 on Proposed Federal Rule for ABLE Accounts

December 11, 2019
Source: ABLE National Resource Center

A proposed rule by Internal Revenue Code (Code) relating to contribution limits applicable to ABLE accounts has been posted on the Federal Register. The posted document contains proposed regulations related to the Internal Revenue Code (Code), which allows a State (or its agency or instrumentality) to establish and maintain a tax-advantaged savings program under which contributions may be made to an ABLE account for the purpose of paying for the qualified disability expenses of the designated beneficiary of the account. The affected Code section was amended by the Tax Cuts and Jobs Act, signed into law on December 22, 2017. The Tax Cuts and Jobs Act allows certain designated beneficiaries to contribute a limited amount of compensation income to their own ABLE accounts.

You may read the proposed regulation and submit a comment. The comment period is open until January 8, 2020.

Related information:
Check out the videos the Internal Revenue Service (IRS) released on tax tips for ABLE accounts. The video is available in English, Spanish and ASL (American Sign Language).

IRS Tax Tip ABLE Account Videos (Captioned, YouTube): English | Spanish | ASL

Link: Go to website for News Source
https://www.federalregister.gov/documents/2019/10/10/2019-21477/contribution-limits-applicable-to-able-accounts


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