North Carolina ABLE savings program

E683034

The North Carolina ABLE savings program is a state-sponsored, tax-advantaged savings plan that allows eligible individuals with disabilities and their families to save and invest money for disability-related expenses without jeopardizing means-tested public benefits.

All labels observed (1)

Label Occurrences
North Carolina ABLE savings program canonical 1

How this entity was disambiguated

Statements (47)

Predicate Object
instanceOf ABLE savings program ⓘ
state-sponsored savings program ⓘ
accountOwner eligible individual with a disability ⓘ
accountType 529A account ⓘ
tax-advantaged investment account ⓘ
administeredBy State of North Carolina ⓘ
linked to: North Carolina
allowsOutOfStateParticipation may allow non-resident participation depending on program rules ⓘ
beneficiaryType families of individuals with disabilities ⓘ
individuals with disabilities ⓘ
benefitProtection does not generally count as a resource for Medicaid eligibility ⓘ
does not generally count as a resource for Supplemental Security Income ⓘ
benefitType financial inclusion for people with disabilities ⓘ
savings and investment opportunity for disability-related needs ⓘ
contributionSource after-tax dollars ⓘ
contributorType beneficiary ⓘ
family members ⓘ
friends ⓘ
other third parties ⓘ
country United States ⓘ
designedTo encourage long-term savings by individuals with disabilities ⓘ
eligibilityCriterion beneficiary must have a qualifying disability ⓘ
disability must have onset before age 26 under federal ABLE rules ⓘ
federalLegalBasis Achieving a Better Life Experience Act of 2014 ⓘ
federalTaxTreatment earnings grow tax-deferred ⓘ
qualified withdrawals are tax-free ⓘ
impactOnBenefits assets in the account are generally disregarded for means-tested benefit calculations up to federal limits ⓘ
investmentOptionType investment options ⓘ
savings options ⓘ
purpose enable eligible individuals with disabilities to save and invest for disability-related expenses ⓘ
protect eligibility for means-tested public benefits while saving ⓘ
qualifiedExpenseCategory assistive technology ⓘ
basic living expenses ⓘ
education ⓘ
employment training and support ⓘ
financial management and administrative services ⓘ
health care ⓘ
housing ⓘ
legal fees ⓘ
transportation ⓘ
riskCharacteristic investment returns are not guaranteed ⓘ
sponsoredBy State of North Carolina ⓘ
linked to: North Carolina
state North Carolina ⓘ
targetPopulation North Carolina residents with disabilities ⓘ
taxAdvantaged true ⓘ
useOfFunds qualified disability-related expenses ⓘ
withdrawalTaxTreatment qualified withdrawals are not subject to federal income tax on earnings ⓘ
withdrawalType qualified withdrawal ⓘ

How these facts were elicited

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

State Treasurer of North Carolina → oversees → North Carolina ABLE savings program ⓘ