Hi everyone. Jonathan from mifa here, and I want to take a minute to tell you about Able to Work. It’s a benefit that exists for ABLE account owners who work able accounts are tax exempt savings plans, specifically designed for individuals with disabilities and attainable is a Massachusetts able savings plan.

Able to work offers the ability for attainable account holders with employment income to make additional contributions. Above the $20,000 annual limit. Now there are some prerequisites to be eligible. You or your employer can’t already be contributing to certain types of plans like retirement plans or 4 57 B plans in the same calendar year as an able plan Able.

Plans like attainable are managed by states or entities like Mifa and some, but not all May require an account owner to complete a form. To certify that they’re eligible for the increased able to work contribution. As long as account owners stay eligible contributions may be made each year. An ABLE account owner who works is subject to the same tax filing rules as other workers, so there are no new record keeping requirements under the Able to Work Act.

An additional able tax benefit is the savers credit. Meaning an ABLE account owner who works may be eligible for a tax credit of up to $2,000 for contributions to their ABLE account. If you think that you or someone in your life could benefit from saving with the ABLE Savings Plan and taking advantage of able to work, visit mefa.org/attainable.

If you have any questions, call us at eight hundred four four nine mifa or email us at college [email protected].