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KS Implements Changes to ABLE, 529 Accounts - KOAM TV 7

KS Implements Changes to ABLE, 529 Accounts

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The Office of the State Treasurer released information about federal changes for ABLE and 529 Accounts.

Individuals living with a disability can now roll funds saved within a 529 Education Savings Account into their ABLE Account. Additionally, Learning Quest 529 Education Savings Account holders can utilize their funds for K-12 education tuition. These changes came about due to tax reform on the federal level. Like with past federal tax changes, the Kansas Department of Revenue will implement the changes as prescribed by Congress.

"Since the day tax reform was approved on the federal level, our office has received numerous calls from around the state wondering about its impact on ABLE and Learning Quest Accounts." said Kansas State Treasurer Jake LaTurner. "Now that the dust has settled, it is clear that Kansans living with a disability and those saving for their education have significantly more flexibility. Our hope is that these changes will only increase a culture of saving, which is critical to the next generation's future."

ABLE (Achieving a Better Life Experience) allows Kansans living with a disability to save for their future. Families and individuals can save in tax-advantaged accounts for disability-related expenses. The new tax law allows these individuals to rollover funds from a 529 Education Savings Account to their ABLE account without any tax penalty.

"Any person, including those living with a disability, should be given every possible incentive to save," said Rocky Nichols, Executive Director of the Disability Rights Center of Kansas. "We look forward to working with Treasurer LaTurner to implement these changes as smoothly as possible."

The Kansas Treasurer's Office also administers the Learning Quest 529 Education Savings Program, which can help Kansans save for education expenses. The program provides tax advantages under both Kansas and federal law. Investments in 529 earnings are not taxed by the federal government or the state of Kansas. Kansans can receive a $3,000 individual or $6,000 tax deduction per beneficiary on their Kansas taxes. Prior to tax reform, funds in a 529 could only be used for higher-education expenses.

For more information on these initiatives, please visit learningquest.com and ks.savewithable.com

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