The thing that is most disconcerting to me is how much to put into an ABLE account and when and why. I began to fill out the form one day and I DO qualify (according to the questions asked) but the next thing/button to click on was "Open an ABLE Account" which, of course, I did not have the complete information regarding my income, the state I live in (Arizona might be one of the last to start them), and well it just gets pretty mind-boggling. People's circumstances change day by day or month by month or year by year so that comes into play as well. *Sigh*
~Lori On Wed, Jan 4, 2017 at 5:33 PM, Jeffrey Gaede <jsga...@yahoo.com> wrote: > I thought these ABLE Accounts were going to be amazing but I'm now > debating a policy person over how it all supposedly works. At first I > thought you could take money from your earned income, put it into these > accounts, and it would therefore reduce your earned income, which would > help if you are in a program that has a "cap." You can actually use these > ABLE Accounts to pay for rent, mortgage, many things, so this sounded great > for me. Then I was told that what these ABLE Accounts really do is expand > the "other resource" limits that many programs have outside of earned > income. > > For example, if I were in a program for working persons with disabilities > that has a "cap" of $60,000, but my earned income was $65,000, I cannot > put $5000 (or more) into an ABLE Account from my earned income, spend it > towards what the ABLE Account allows, and have this amount reduced from my > earned income. Nope. Doesn't work that way. This program for working > persons with disabilities, for example, allows for "other resources" > outside of earned income, like a bank account or such. But the limit on > these "other resources" is maybe $2000. This is where the ABLE Account can > help because they allow for much larger amounts to go into these "other > resources," as long as the funds are used for what the ABLE Account > states. I'm debating with a policy analyst because, if ABLE Accounts > consider such things as rent, mortgage etc. as disability -related > expenses, which they do, then why shouldn't these same costs be considered > earned income expenses, which are deductible from earned income in the > working persons with disabilities program. I guess we'll see. Jeff > > > ------------------------------ > *From:* Lori Michaelson <lorilivin...@gmail.com> > *To:* Quad Dude <thequadd...@gmail.com>; quad-list <quad-list@eskimo.com> > *Sent:* Wednesday, January 4, 2017 3:36 PM > *Subject:* Re: [QUAD-L] ABLE accounts > > Thanks Steve! > > I believe I checked out but of those websites and am looking into it but, > if I read it right, you can only take money out of these accounts for your > disability related purchases. :-( > > ~Lori > C4/5 complete, 37 years post > > On Wed, Jan 4, 2017 at 4:20 PM, Quad Dude <thequadd...@gmail.com> wrote: > > Lori, > > The following 2 websites should be helpful: > > http://www.ablenrc.org/ > > http://www.stableaccount.com/ > > The latter website and ABLE Account program is based in Ohio but is open > to residents in all states. I live in Georgia and our state will be > partnering with Ohio and directing Georgians wanting an ABLE Account to > utilize the STABLE Account. > > Steve - C4, 28 years > > On Tue, Jan 3, 2017 at 4:13 PM, Lori Michaelson <lorilivin...@gmail.com> > wrote: > > Has anyone opened an ABLE account yet that began nationwide just before > and at the beginning of this year? > > ~Lori > > -- > "Petting, scratching and cuddling a dog could be soothing to the mind and > heart and deep meditation and almost as good for the soul as prayer." ~Dean > Koontz > > > > > > -- > "Petting, scratching and cuddling a dog could be soothing to the mind and > heart and deep meditation and almost as good for the soul as prayer." ~Dean > Koontz > > > -- "Petting, scratching and cuddling a dog could be soothing to the mind and heart and deep meditation and almost as good for the soul as prayer." ~Dean Koontz
