NC ABLE Newsletter

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NC ABLE Newsletter - May 8, 2020

Friday, May 8, 2020
  On March 13, 2020, the Social Security Administration (SSA) clarified that “for ABLE purposes, food is considered a qualified disability expense (basic living expense), but not a housing expense. See SSA’s Program Operations Manual System (POMS) SI 01130.740 Achieving a Better Life Experience (ABLE) Account. Please note that the IRS provides guidance on qualified disability expenses for tax and ABLE program qualification purposes. Many account owners and authorized individuals want to have SSA benefits – especially SSI – direct deposited into their ABLE accounts. They also want assurance that they can move benefits that were deposited into another checking account into an ABLE account. The SSA just updated its POMS to confirm that ABLE accounts are acceptable accounts for direct deposit of SSA payments.      In the fall of 2019, we sent out a survey to gather more information and insights so that we can better provide for eligible current and future account holders.2 Who are NC...

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