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529 News

Recent State News

Massachusetts, along with Fidelity, launches The Attainable ABLE Savings Plan

(May 10, 2017) - The Attainable ABLE Savings Plan helps individuals with disabilities and their families save money in a tax-advantaged account without affecting Medicaid eligibility, and balances below $100,000 do not affect SSI benefits. The plan is administered by the Massachusetts Educational Financing Authority and managed by Fidelity.

Missouri becomes latest state to offer ABLE plan for people with disabilities

(April 26, 2017) - The Missouri Achieving a Better Life Experience (ABLE) Program allows qualifying individuals to open a tax-advantaged savings account to pay for qualified disability expenses. Contributions up to $8,000 per individual ($16,000 per married couple filing jointly) are deductible when computing Missouri taxable income.

For more information, click here.

Arkansas passes new laws to help college savers

(April 17, 2017) - Three Arkansas state laws recently went into effect that will help families save more for college:
1) Act 481 allows investors to carry forward a 529 deduction for four additional years (so maxing that out would allow a couple to invest $50k today and take the $10k deduction in the current tax year, plus the same for four more years)
2) Act 884 allows employers a $500 deduction PER EMPLOYEE for 529 matches into Arkansas 529 plans
3) Act 883 allows investors to take a $15,000 deduction per year per married couple filing jointly ($7500 per individual) for amounts rolled into the AR plans from another state's plan (up from $10,000 max per year). This act also allows Arkansans to take a $3000 per individual ($6000 per couple) deduction for amounts invested in out-of-state plans.

More State News

 

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