Page Qualified Disability Expenses
Learn what expenses are considered Qualified Disability Expenses and what happens if the individual with a disability has non-qualified expenses.
Learn what expenses are considered Qualified Disability Expenses and what happens if the individual with a disability has non-qualified expenses.
Florida’s qualified ABLE program, ABLE United, was established to give Florida families a better way to save and care for their loved ones with disabilities, without impacting the federal benefits they rely on. Now individuals with disabilities can save for everyday and future expenses to support their health, independence, and quality of life. Since July …
If the money in an ABLE United account is spent on one of the following Qualified Disability Expenses, as defined by federal law, the earnings on the money withdrawn are tax-free. Some of these expenses include: health, education, housing, transportation, legal fees, financial management, employment training and support, assistive technology and personal support services, oversight and monitoring, funeral and burial, and other expenses approved by Treasury regulations.
Qualified Disability Expenses include basic living expenses and are not limited to items for which there is a medical necessity or which solely benefit the Beneficiary.
As long as the expense relates to the Beneficiary and helps maintain or improve their health, independence, or quality of life, it can be considered a Qualified Disability Expense. Please read the Program Description & Participation Agreement for more information on Qualified Disability Expenses.
If asked by the IRS or Social Security Administration, for those receiving SSI, the Beneficiary or Authorized Legal Representative is responsible for providing receipts for Qualified Disability Expenses.
If you’re a Floridian navigating life with a disability, either by yourself, with a family member, or a circle of support, ABLE United provides the opportunity to make a real, meaningful difference in your financial life. In 2014, the Achieving a Better Life Experience (ABLE) Act was signed into law, opening up a whole new …
If you make a withdrawal from your account, you will receive an IRS Form 1099-QA. This tax form details all withdrawals made throughout the tax year from your account.
Generally, if withdrawals from the account are used for the Beneficiary’s Qualified Disability Expenses, the earnings portion of the withdrawals are not subject to federal income taxation. To discuss your unique situation, please consult a tax adviser.
Learn more about Form 1099-QA from the IRS.
For those unfamiliar, assistive technology helps individuals with disabilities live, work, learn and play as independently as possible. It’s any device, item, gadget, tool, hardware or software used to increase, maintain, or improve the functional capabilities of individuals of all ages who have disabilities and older adults who may find a need for assistance. This …
Life can be unpredictable. With an ABLE United account, you can be better prepared for whatever comes your way. Often referred to as a rainy day fund, ABLE United has helped thousands of Floridians with disabilities save for today, tomorrow, and the unexpected – all without losing the important benefits that they rely on now …
The ABLE National Resource Center (ABLE NRC) conducts “ABLE Program Spotlight” webinars to help those who have a basic understanding of ABLE accounts better understand what state ABLE programs offer including program-specific details, general guidance and best practices. Program spotlights also cover the range of investment options offered by their program, an often-confusing aspect for individuals who want to make the most of their ABLE account but are new to the concepts of investing and saving.
Our relationship with money is so important because financial decisions impact our everyday lives – and the key to success is equipping yourself with the knowledge and skills needed to manage money effectively.
Florida’s qualified ABLE program, ABLE United, is going back to basics with a roundtable discussion on financial education covering topics like saving and investing, as well as opportunities for the disability community to plan for the future with third-party special needs trusts and ABLE accounts.
Attendees will also learn:
• How ABLE accounts can be used to pay for qualified disability expenses
• How individuals with disabilities can save with the help of friends, family and organizations
• How individuals can become investors with ABLE United through one of their eight investment options
• How to enroll in an account
Presenters include:
• Rachel Fackender, Moderator
• John Finch, Director of ABLE United
• Scott Mattson, CPA, Assurance Dimensions (and an ABLE United account administrator for his son)
• W. Keith Seago, Jr., CFP | Financial Consultant, Comerica Securities, Inc. (and an ABLE United account administrator for his daughter)
Have questions you’d like to submit to our panel? Email info@ableunited.com with subject line “Questions for Webinar”.
*Please note: Florida’s ABLE program, ABLE United, is only open to residents of the state of Florida.
Five things you need to know about the most trusted savings account for persons with disabilities Maybe you’ve heard of Florida’s ABLE savings program, ABLE United? But do you really know how it works, and why it’s the best option to work alongside other government benefits and savings vehicles? That’s exactly what we’re here to …
With the introduction of the new ABLE Visa® Prepaid Card, ABLE United account holders can start swiping and instantly access funds to be used online, in stores – or anywhere nationwide that accepts Visa debit cards. Our relationship with money is so important because it affects almost every decision we make, that’s why we are …