Showing posts from December, 2015

ABLE Accounts - Latest Update

With the near finalization of Regulations from the IRS on the ABLE accounts, Social Security has published POMS on the ABLE accounts. Here is the link and then the entire POMS is pasted below.  This is a very good overview of the program.   I have highlighted in red what I think is one of the MAJOR points of an ABLE account.  Social Security will not count payments for shelter as in-kind support for individuals on SSI as long as you use the money for shelter in the month you pull the money out. Effective Dates: 12/18/2015 - Present Previous | Next TN 72 (12-15) SI 01130.740 Achieving a Better Life Experience (ABLE) Accounts CITATIONS: Public Law 113–295 The Stephen Beck, Jr., Achieving a Better Life Experience Act (ABLE Act) – Enacted December 19, 2014 A. What is an ABLE Account? An Achieving a Better Life Experience (ABLE) account is a type of tax-advantaged account that can be used to save funds for the disa