• Proposed Regulations on Contribution Limits for ABLE Act Anticipated
  • August 14, 2018
  • According to recently released Notice 2018-62, the IRS and the Treasury will issue proposed regulations to clarify the new rules regarding the Achieving a Better Life Experience (ABLE) Act. The ABLE program provides tax-advantaged savings accounts for individuals with disabilities. The TCJA increased the contribution limit to ABLE accounts under certain circumstances. The proposed regulations reportedly will clarify the increased contribution limits; confirm that the employed designated beneficiary is solely responsible for ensuring that requirements are met; and provide transition relief for taxpayers, beneficiaries, and administrators of ABLE programs.