Contact your representatives to support raising the age of onset.
https://shar.es/1Ys4mp Following the passage of the Stephen Beck, Jr. Achieving a Better Life Experience Act (PL 113-295) in Decemeber 2014, new bills have been introduced to improve upon this landmark legislation. On March 17, 2016, three bills were introducted to improve upon the landmark Stephen Beck, Jr. Achieving a Better Life Experience Act (PL 113-295). NDSS believes that these bills will make ABLE accounts more effective in promoting financial independence and more accessible to a wider population of the disability community. The ABLE to Work Act will enable ABLE beneficiaries who work and earn income to save additional amounts in their 529A (ABLE) account above the current annual maximum contribution ($14,000, tied to the Federal Gift Tax) and to be eligible for the Saver’s Credit, an existing federal tax credit that low and middle-income individuals can currently claim when they make contributions to a retirement account. Specifically, an ABLE beneficiary who earns income from a job (and does not have another retirement account) could save up to the Federal Poverty Level (currently $11,770) in addition to the $14,000 annual maximum contribution. The ABLE Financial Planning Act will enable ABLE beneficiaries to roll over regular 529 accounts to 529A (ABLE) accounts up to the annual maximum contribution, and will also allow for a reverse-rollover if the beneficiary ceases to be disabled. This bill is particularly helpful for families who set up 529 accounts before receiving a child’s diagnosis, or for teenagers who incur life-changing events that render them unable to go to college and use their 529 funds for their original purpose. The ABLE Age Adjustment Act will raise the age of onset of disability from 26 to 46, which is halfway to retirement age. This will enable more individuals who become disabled later in life to take advantage of the benefits of ABLE accounts. NDSS will be actively advocating for the passage of these bills, and especially for the ABLE to Work Act, which is part of a NDSS' broader employment initiative. Page last updated: March 18, 2016 - See more at: http://www.ndss.org/Advocacy/Legislative-Agenda/Creating-an-Economic-Future-for-Individuals-with-Down-Syndrome/Federal-ABLE-Improvement-Bills/#sthash.7s4ww57x.dpuf
