321foundation is proud to be a part of the efforts to pass Delaware HB 296 which will promote contributions to 529a ABLE savings accounts by offing a tax deduction. This will promote savings and financial independence for Delaware ABLE account holders. Funds from the accounts can be used for many quality of life expenses not covered by Medicaid.
Bill summary:
This bill creates a tax deduction of up to $2,500 for an individual or $5,000 for a married couple for contributions to a qualified 529A savings account, or "ABLE" plan - a special account for meeting the needs of certain individuals with disabilities. The deduction may only be claimed by a taxpayer who makes less than $125,000 or a married couple who makes less than $250,000. It is applicable only to ABLE plans sponsored by the State of Delaware or offered by a consortium of states of which Delaware is a member.The bill was introduced on 1/16/18 and will be reviewed in committee by the end of the month.
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ReplyDeleteDelaware HB 296 - helping people increase savings in ABLE accounts is a positive step towards financial empowerment and inclusion.
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ReplyDeleteThese accounts offer the chance for persons with disabilities to set aside money for savings and no longer affects their benefits. Sit and do Coursework Writing
ReplyDeleteknowing fully well that by having an ABLE account you are securing your financial future. That is why, for instance, these blogs tend to focus on everything from the concrete pieces of advice, dedicated to effective saving and investing, to lurid tales of success stories from the people who managed to help themselves and become financially secure and prosperous. There is always satisfaction when observing how little changes initially can lead to revolutionary lifestyle changes with regard to monetary issues. The type of content shared not only educates but also enthused the readers to manage their money wisely.
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