Deposit Your Tax Refund into Your Attainable® Account without Affecting Your Federal Benefits
Learn the basics about how Attainable® accounts work, how much your account can have before your federal benefits are affected, and some qualified expenses that your account can be used for.
Are you concerned that your tax refund could reduce your federal benefits? One-time influxes of capital can create a challenge for many individuals with disabilities who are receiving federal assistance. While these amounts are not long-term or sustained, they can still push individuals over the asset limits mandated by federal benefit programs. One possible solution is depositing these types of funds into your Attainable® account.
The Attainable® Savings Plan is the Massachusetts ABLE program, and its tax-exempt accounts allow eligible individuals with disabilities to save for qualified disability expenses while allowing them to keep eligibility for federal public benefits. Attainable® is offered by MEFA and managed by Fidelity Investments. Attainable® savings accounts can receive deposits of up to $18,000 per year (more if the individual is working) without affecting federal benefits until the balance reaches $100,000. If you received a tax refund, you can deposit that refund into your Attainable® account, ensuring that it won't be counted against your limit for federal benefits.
Funds in an Attainable® account can be used for a range of qualified disability expenses, including:
- Education
- Housing
- Food
- Transportation
- Employment training and support
- Assistive technology and related services
- Health
- Prevention and wellness
- Funeral and burial
- Basic living expenses
- Personal support services
If you plan to save your tax refund, depositing it into your Attainable® account could be the best choice for you. If you have questions about your Attainable® account, call (844) 458-2253.
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