Federal Government
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By Administrator
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Thursday, 25 June 2015 05:35 |
RALEIGH, (SGRToday.com) - The Internal Revenue Service is proposing regulations authorizing states to offer specially-designed tax-favored ABLE accounts to people with disabilities who became disabled before age 26.
The Achieving a Better Life Experience (ABLE) account provision was signed into law in December 2014 with the goal of helping people with disabilities and their families pay for disability-related expenses.
According to an IRS statement, the new law authorizes any state to offer its residents the option of setting up an ABLE account. Alternatively, a state may contract with another state that offers such accounts.
More information is available at irs.gov.
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