North Carolina ABLE savings program
E683034
The North Carolina ABLE savings program is a state-sponsored, tax-advantaged savings plan that allows eligible individuals with disabilities and their families to save and invest money for disability-related expenses without jeopardizing means-tested public benefits.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
ABLE savings program
ⓘ
state-sponsored savings program ⓘ |
| accountOwner | eligible individual with a disability ⓘ |
| accountType |
529A account
ⓘ
tax-advantaged investment account ⓘ |
| administeredBy | State of North Carolina NERFINISHED ⓘ |
| allowsOutOfStateParticipation | may allow non-resident participation depending on program rules ⓘ |
| beneficiaryType |
families of individuals with disabilities
ⓘ
individuals with disabilities ⓘ |
| benefitProtection |
does not generally count as a resource for Medicaid eligibility
ⓘ
does not generally count as a resource for Supplemental Security Income ⓘ |
| benefitType |
financial inclusion for people with disabilities
ⓘ
savings and investment opportunity for disability-related needs ⓘ |
| contributionSource | after-tax dollars ⓘ |
| contributorType |
beneficiary
ⓘ
family members ⓘ friends ⓘ other third parties ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| designedTo | encourage long-term savings by individuals with disabilities ⓘ |
| eligibilityCriterion |
beneficiary must have a qualifying disability
ⓘ
disability must have onset before age 26 under federal ABLE rules ⓘ |
| federalLegalBasis | Achieving a Better Life Experience Act of 2014 NERFINISHED ⓘ |
| federalTaxTreatment |
earnings grow tax-deferred
ⓘ
qualified withdrawals are tax-free ⓘ |
| impactOnBenefits | assets in the account are generally disregarded for means-tested benefit calculations up to federal limits ⓘ |
| investmentOptionType |
investment options
ⓘ
savings options ⓘ |
| purpose |
enable eligible individuals with disabilities to save and invest for disability-related expenses
ⓘ
protect eligibility for means-tested public benefits while saving ⓘ |
| qualifiedExpenseCategory |
assistive technology
ⓘ
basic living expenses ⓘ education ⓘ employment training and support ⓘ financial management and administrative services ⓘ health care ⓘ housing ⓘ legal fees ⓘ transportation ⓘ |
| riskCharacteristic | investment returns are not guaranteed ⓘ |
| sponsoredBy | State of North Carolina NERFINISHED ⓘ |
| state | North Carolina NERFINISHED ⓘ |
| targetPopulation | North Carolina residents with disabilities ⓘ |
| taxAdvantaged | true ⓘ |
| useOfFunds | qualified disability-related expenses ⓘ |
| withdrawalTaxTreatment | qualified withdrawals are not subject to federal income tax on earnings ⓘ |
| withdrawalType | qualified withdrawal ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.