Deposit Tax Refund in Attainable® Account, Keep Benefits
Are you concerned that your tax refund could reduce your federal benefits? One-time influxes of capital can create a challenge for many individuals with disabilities who are receiving federal assistance. While these amounts are not long-term or sustained, they can still push individuals over the asset limits mandated by federal benefit programs. One possible solution is depositing these types of funds into your Attainable® account.
The Attainable® Savings Plan is the Massachusetts ABLE program, and its tax-exempt accounts allow eligible individuals with disabilities to save for qualified disability expenses while allowing them to keep eligibility for federal public benefits. Attainable® is offered by MEFA and managed by Fidelity Investments. Attainable® savings accounts can receive deposits of up to $18,000 per year (more if the individual is working) without affecting federal benefits until the balance reaches $100,000. If you received a tax refund, you can deposit that refund into your Attainable® account, ensuring that it won't be counted against your limit for federal benefits.
Funds in an Attainable® account can be used for a range of qualified disability expenses, including:
- Education
- Housing
- Food
- Transportation
- Employment training and support
- Assistive technology and related services
- Health
- Prevention and wellness
- Funeral and burial
- Basic living expenses
- Personal support services
If you plan to save your tax refund, depositing it into your Attainable® account could be the best choice for you. If you have questions about your Attainable® account, call (844) 458-2253.