Autism Parenting Magazine Issue 74 (Member's Dashboard) - Page 65

FINANCIAL PLANNING to attend college, the 529 money was held hostage by taxes and penalties. The tax legislation that passed earlier this year ad- dressed these two concerns. The new legislation now allows individuals with disabilities, who are working, to save an additional $12,060 (federal poverty level) per year in an ABLE account above the $15,000 for a total of $27,060. This is a great victory, but it comes with possible landmines. It will be the responsibili- ty of the ABLE account holders to account the con- tributions to an ABLE account, and Social Security and Medicaid will view contributions from earned income differently than other additions. Mistakes made could be very costly because government benefits are at risk. Disability advocates are concerned with how the law was written and how mismanagement of contribu- tions could cause individuals to lose life-sustaining government benefits. Chris Rodriguez, director of public policy at the National Disability Institute, said, “To the best of my knowledge, ABLE programs are not currently implementing this provision of the tax law due to this uncertainty and need for clarification.” When I see this concern, it continues to build my re- solve that everyone with a disability needs a plan for the future, and they need people and professionals involved in that plan, so they have the proper sup- ports so mistakes can be avoided. The second concern is more straightforward. With the passage of the new tax laws, families who start- ed 529 college plans for their children with special needs now have the option to roll those assets into an ABLE account without penalty! This is a great vic- tory for many families because, before this legisla- tion, families considered a 529 a “lost” account un- less they wanted to withdraw the money and accept taxes and penalties, which for some could ravage the value of the account by nearly 40 percent! If you have a 529 account and want to roll over the money t [PHX[ X\H[H]HPHX[[B[ZH\H\Y^HX\Hݙ\˜]\[YK\][H]Y\][ۋ]Z\[YB܈H]H[\[Y[Y^H\H\XKYZ[X\H[Y\X\[ۈX]\BY[H]H\[[X^H][YK[H[[HH[YXX\HۈH LH][[^HZ\Z][ۋ\X^HHH]\XH\[[ۈ[\ݙ\[[[X[]X][ۋ[X]\HHPHX[[Y\^XX“YYXZY]H[و[\[8&\YK\][H[\[H][H[ۜ[[\ٙ\[ۘ[XX[YY[\[\B[H]Y]H[HܜXH[][\[[[XYHHX[]HB܈[ܙH[ܛX][ۈۈKB\H܈H]\KH\HۋBXH[[X[Y\܈XX[ B^\[\[[Z[Y\]XX[YYˈHXX[YY[\][HZ\\HوXY[[Z[Y\[\[[HY[ۋY[][KY[B\][ۘ[[HXX[YY[\\[ۘ]BX][Z[Y\ۙY[H[ݚ[ܝ\ L HX[0Y] Z]H L\K [ݚ[ L̍MLL0˘\XX[YY[BX[] 0PKӐ\HY\\Y\\[]]Hو[ٙ\X\]Y\[\Y[Y\ܞK[[[X[0[[YSS[B\ܜ\X\Y[X\TˈHXX[YY”[\HXYX\H܈Y[X]pوSS[\ܜ”\X\܈]Y[X]Y\[Y\ˈ\\XB\HX[Y[][ۈ܈[ܜ[Y[و[BX˰]]\H\[[XY^[H\YH