Treasury has issued Notice 2018-62, announcing that Treasury intends to issue proposed regulations clarifying recent law changes to the limits on contributions to ABLE accounts. Notice 2018-62 includes rules on:
- additional contributions by an employed designated beneficiary;
- the definition of poverty line;
- excess contributions from the designated beneficiary.
Taxpayers, beneficiaries, and administrators of ABLE programs may rely on the rules described in the notice until the proposed regulations are issued.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.