Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 was the most extensive change to the tax code in many years. It has an impact on nearly everyone. The act included changes that effect ABLE accounts. Below is a summary of the changes that effect ABLE accounts. Under the category of Personal Credits The Saver's Credit was modified. The designated beneficiary of an ABLE account may claim the saver's credit for contributions made to his or her ABLE account. This change affects the designated beneficiaries of ABLE accounts. This change is effective for 2018 – 2025. Under the category of Education Provisions Rollovers from 529 plans...