![]() ![]() For further information, go to SSA.gov.Ī designated beneficiary is limited to only one ABLE account at a time (for exceptions, see Program-to-program transfer and Rollover, later). The account is used to provide for qualified disability expenses.Īn ABLE account is generally disregarded for purposes of determining eligibility for benefits under Supplemental Security Income (SSI) and certain other means-tested federal programs. See Form 5884, Work Opportunity Credit.Īn ABLE account is a tax-favored savings account that can accept contributions for an eligible individual with a disability or who is blind, and who is the designated beneficiary and owner of the account. These are individuals who have a physical or mental disability that results in a substantial handicap to employment and who have been referred to the employer upon completion of (or while receiving) rehabilitative services. One targeted group consists of vocational rehabilitation referrals. Work opportunity credit-This credit provides businesses with an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs. The expenses must be to enable the eligible small business to comply with the Americans with Disabilities Act of 1990 as in effect on November 5, 1990. 535, Business Expenses.ĭisabled access credit-This is a nonrefundable tax credit for an eligible small business that pays or incurs expenses to provide access to persons with disabilities. An example is constructing entrance or exit ramps.ĭeduction for costs of removing barriers to the disabled and the elderly-This is a deduction a business can take for making a facility or public transportation vehicle more accessible to and usable by persons who are disabled or elderly. Improvements to a home that do not increase its value if the main purpose is medical care. Premiums for qualified long-term care insurance, up to certain amounts. This includes the cost of teaching Braille and lip reading and the cost of remedial language training to correct a condition caused by a birth defect. The cost of operating and maintaining the wheelchair is also a medical expense.Ĭost and care of a guide dog or other animal aiding a person with a physical disability.Ĭosts for a school that furnishes special education if a principal reason for using the school is its resources for relieving a mental or physical disability. The part of the cost of Braille books and magazines that is more than the price of regular printed editions.Ĭost and repair of special telephone equipment for hearing-impaired persons.Ĭost of a wheelchair used mainly for the relief of sickness or disability, and not just to provide transportation to and from work. Artificial limbs, contact lenses, eyeglasses, and hearing aids. ![]()
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