Able Basics
An Able account allows disabled individuals to save past this limit and still retain their benefits
2,000
This plan is mainly used to save for ?
education costs
Contributions from family, friends, and others all count toward this same yearly ABLE cap.
annual contribution limit
These are items that when money is withdrawn from an able or 529 and used for, there are no tax implications
Qualified Expenses
On calls, reps should avoid giving this kind of professional guidance about a caller’s specific tax situation.
is tax advice
These two things are needed to be Eligable for an able account.
Disability onset before 46
has SSi, SSDI or physician's form
In a 529 plan, this person benefits from the education savings even if they are not the one controlling the account.
The beneficiary
This special ABLE contribution option may allow certain employed beneficiaries to contribute more.
ABLE to Work?
ABLE earnings grow this way when left in the account.
tax-free
When a caller is overwhelmed, reps should use this soft skill first instead of overloading them with information.
empathy or active listening
How many accounts can a disabled individual have.
One
This term describes education costs that 529 money can generally be used for without triggering tax issues.
qualified education expenses
A 529-to-ABLE rollover still counts toward this limit for the year received.
the standard annual contribution limit?
Reps should avoid doing this when a caller asks whether a specific item qualifies
making a tax determination on a specific expense.
This system is the main program agents will use to view accounts.
is Eliza
This is the only benefit that would be effected if the account reached a specific amount
SSI
This is the common tax form used to report distributions from a 529 Education Savings Plan.
Form 1099-Q
this type of rollover does not count as a contribution and is limited to once every 12 months.
ABLE-to-ABLE rollover
This is the broad rule reps should remember when describing what ABLE money can be used for: the expense should help maintain or improve
Health, Independence, and Quality of life
This pair of tools is specifically used for document handling and forms work.
Image and eForms
An ABLE account is often compared to this more complex planning tool, but reps should avoid recommending one over the other.
a Special Needs Trust
Room and Board is limited to this amount.
the allowance for room and board included in the school’s cost of attendance or The actual amount charged
This program has no contribution limit
529's
Receiving this allows you to withdrawal from your account equal to or less then the amount received without penalty
A scholarship
When explaining availability of funds what should you check first to determine the hold period
is it a Standard or Gift Contribution