Tucson Social Security Disability Blog

Changes To ABLE Accounts

Posted by John Kuhnlein | Mar 14, 2019 | 0 Comments

As a general rule, those persons collecting Supplemental Security Insurance (SSI) benefits can have only limited financial resources before losing those monthly payments.  The value of these resources is very

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low,  no more than $2,000 in savings. This does not provide SSI recipients much cushion for addressing emergencies which always come along in life.

Are You ABLE?

One way around this is to open an Achieving a Better Life Experience (ABLE) account. These accounts allow SSI beneficiaries to save money in excess of $2,000. The SSI recipients can withdraw money from their ABLE accounts to pay for disability-related expenses. These can include things like education and job training. Such withdrawals are not subject to income taxes.

Three Important Changes

The tax cut that Congress passed this year made three notable changes to ABLE accounts.

*    People contributing to ABLE accounts can now get a Saver's Credit on their taxes. A tax credit is a dollar for dollar reduction in a tax bill. This makes credits more valuable than deductions.

*    People can transfer funds from their ABLE account into IRS 529 accounts, without paying taxes.

*    People could potentially put their entire salary into an ABLE account, up to $12,140.

Get Good Advice Before Acting

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Before setting up an ABLE account, please consult with an accountant or lawyer. Like all tax laws, this one is complicated with plenty of nuances. A misstep could have consequences, like losing your SSI benefits, and even your health insurance. 

About the Author

John Kuhnlein

Since 1992, I have been helping the people of Southern Arizona get the benefits they are due. Before devoting all my efforts to assisting people with Social Security disability claims, I also handled such complex lawsuits as medical malpractice and products liability. I brought to my Social Security cases all the skills and attention to detail that I developed in the courtroom. I approach each Social Security disability case as if it were a million-dollar lawsuit. For the people trying to get Social Security benefits, their claim is every bit as important. Because I have personally handled so many Social Security cases, I have refined the skills I need to win your case for you. I have helped people win cases for every kind of ailment from arthritis to valley fever. At present, I am focused on helping those persons with neurological and orthopedic disorders. Because claims for people over age fifty bring additional complications, I particularly seek out those cases to work on. I regularly write about back and spine conditions on my blog. I actively seek out the latest information about orthopedic and neurological disorders to ensure I can represent my clients as effectively as possible. Because of my current focus, I regret that I am not able to take any cases for mental disorders. If you are over age fifty and suffer from any orthopedic or neurological disorder, please contact me at once.

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John Kuhnlein has been assisting people with Social Security disability claims for the past 20 years.

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Feel free to call with any questions or concerns you have about Social Security disability. I never charge for a consultation. In fact, there is no charge at all until we win your case. Unlike most lawyers, I never charge extra for things like telephone calls or making copies.