Tax – Senate Finance Committee Approves ABLE Act Changes.

On September 21, 2016, the Senate Finance Committee approved the Retirement Enhancement and Savings Act of 2016 with amendments to include the concepts from the ABLE to Work Act (S.2702/H.R.4795) and the ABLE Financial Planning Act (S.2703/H.R.4794). The ABLE to Work Act allows individuals who work to deposit earnings up to the poverty level ($11,770) annually in addition to the standard annual contribution limit (set at $14,000 in 2016). The ABLE Financial Planning Act allows individuals to transfer funds from a (Section 529) Qualified Tuition Plan into an ABLE account.

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