Can I still work and have an account?

Yes. With the ABLE to Work Act you can even contribute up to an extra $14,580 (as of 2024) to your ABLE account if you are working, in addition to the yearly contribution limit of $18,000. Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not protect against the income limits that might be tied to a state or federal benefit. Here are some rules and guidelines you should know about. 
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Who owns the account?

If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative, such as a parent or guardian, opened and managed the account for a beneficiary, the money still belongs to the beneficiary. 
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What type of disabilities qualify for an account?

Any disability that qualifies for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) or blindness that developed before the age of 26 is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on the level of severity include: blindness, Down Syndrome, hearing loss (deafness), epilepsy, autism/Asperger and more. Those who don’t receive Social Security benefits are still eligible if they can get a signed Diagnosis Form from a licensed physician. 
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Am I eligible for an ABLE account?

If you developed a disability or blindness before the age of 26 and are eligible for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits, or have a signed Diagnosis Form from a licensed physician, you can open an ABLE account.
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Who can have an account?

Anyone with an eligible disability or blindness (as defined by the Social Security Act) who was diagnosed before the age of 26 can have an ABLE account. If you’re over 18 years old, you can open your own account; if not, an Authorized Legal Representative can do it. Either way, you can have only one ABLE account at a time.
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Do I have to pay taxes on my account?

As long as the money in your ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes. If a purchase doesn’t qualify as an eligible expense, you’ll have to pay taxes and a 10% penalty on the amount. If you want to know more about the IRS regulations, you can find info here.
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How is this different from a Special Needs Trust or Pooled Trust?

An ABLE account won’t replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people with disabilities and their families more options.With an ABLE account: There are fewer expenses than setting up a trust.The beneficiary owns the funds and can access them for eligible expenses.Earnings are tax-free advantaged.There’s a yearly limit of $18,000 in 2024 and a lifetime maximum of $400,000.Funds can be used for housing without affecting benefits.With a Special Needs Trust or Pooled Trust: You have to set up a trust.The beneficiary has to get approval of the trustee to receive a disbursement.The earnings are taxed at trust rates.There are no limits on contributions or balances.Amounts in a Third-Party Special Needs Trust are generally ...
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What is the ABLE for ALL Savings Plan?

The ABLE for ALL Savings Plan is a plan available to U.S. citizens nationwide to help those living with eligible disabilities save for qualified expenses and invest for the future in a tax-advantaged account ‒ without losing federal and state benefits (like SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.).
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What is the ABLE Act?

Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medicaid, and others for their living and basic needs, but even those benefits can be limiting. Those receiving much needed benefits, like SSI, are restricted to having only $2,000 in assets, which means they are probably pinching pennies to get by. The Stephen Beck Jr, Achieving a Better Life Experience Act, known as the ABLE Act, was passed by congress in 2014 to help people save for the costs of living with a disability and invest for the future in a tax-advantaged investment account without losing benefits.  
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