Examples of ABLE savings account in a sentence
Only 1 account shall be opened for any 1 designated beneficiary.(3) To open an ABLE savings account, the individual or designated representative of a designated beneficiary shall enter into a Michigan ABLE savings program agreement with the program.
The program shall recognize an individual as a designated representative and not require a designated representative to obtain court approval before opening and funding an ABLE savings account under this act.
An account owner may: (a) change the designated beneficiary of an account to an individual who is a qualified member of the family of the prior designated beneficiary in accordance with procedures established by the State Treasurer; and (b) transfer all or a portion of an account to another ABLE savings account, the designated beneficiary of which is a member of the family as defined in Section 529A of the federal Internal Revenue Code of 1986, as amended.
The programshall recognize an individual as a designated representative and not require a designated representative to obtain court approval before opening and funding an ABLE savings account under this act.
A person may make contributions to an ABLE savings account after the account is opened, subject to the limitations imposed by Section 529A of the federal Internal Revenue Code of 1986, as amended, or any adopted rules and regulations promulgated by the State Treasurer pursuant to this article.
AN ACT relating to: requiring the Department of Financial Institutions to study and report on establishing a section 529A ABLE savings account program.
Code Section 12-6-1140(12) has been added and provides the following regarding ABLE savings account tax consequences.
Code Section 11-5-440(G) provides that to the extent earnings in an ABLE savings account and distributions from an ABLE savings account, or a qualified account under Internal Revenue Code Section 529A located in another state, are not subject to federal income tax, they will not be subject to state income tax.
Chapter 329 of the Laws of 2019Exempts ABLE Funds from Income LimitationsExempts funds in a New York Achieving a Better Life Experience (NY ABLE) savings account from assets limit tests to qualify or recertify for public assistance.
Generally speaking, Virginia 529 savings accounts, prepaid tuition contracts and ABLE savings accounts are exempt from the creditor claims (including, in the case of an ABLE savings account, clawback for Medicaid benefits provided by Virginia to the beneficiary) of any purchaser, contributor or beneficiary.