ABLE to Work Act (H.R. 1896) included in H.R. 1
This legislation will allow those with disabilities to explore the workplace by allowing someone with an ABLE account who earns income for a job to save up to the Federal Poverty Level in addition to their annual contribution limit of $14,000. As Cathy says, “A job is so much more than a paycheck, it’s what gives us dignity and purpose -- the opportunity for a better life.” This bill allows those with disabilities to explore the possibility of work and live more independent lives.
ABLE Financial Planning Act (H.R. 1897) included in H.R. 1
This legislation helps the families of those with disabilities save for their child’s future by allowing for rollovers from a 529 account used for college savings to an ABLE account. This means individuals who may have been saving for their child’s college tuition, which is now no longer needed, can rollover up to the maximum contribution each year until the 529 account has been depleted.