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Our office is pleased to provide technical assistance to our colleagues at the Massachusetts Educational Financing Authority (MEFA) regarding disability related matters and to help spread the word about the attainable Savings Plan. Recently the ABLE Act and Attainable Program have seen modifications to the program which people should be aware of.

The attainable program is made possible by the Able Act, which establishes a tax-advantaged savings account program for individuals with disabilities and their families.  An attainable account can provide the owner with federal tax benefits and may be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000).

When the program began in 2016 individuals could annually contribute up to $14,000.  However, recent changes to the program now allow for annual contributions of up to $15,000. The funds in these ABLE accounts allow people with disabilities to use their savings for disability-related expenses to maintain and increase independence and quality of life.

Also as of 2018, the attainable program now allows for the transfer of funds from a 529 college plan to a 529A (attainable) account without incurring any tax or penalties. Attainable account owners who meet certain criteria can also receive a non-refundable Saver’s Credit on their 2018 federal taxes.

MEFA is actively engaged with providing people with disabilities and their families information about the attainable program, please visit https://www.mefa.org/products/attainable/. Contact MEFA and they can come out and provide a seminar on how the program works; click this link to schedule your seminar today, https://www.mefa.org/attainable-seminar-request-form/.

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