65°F
weather icon Clear

Tax reform assists people with disabilities

People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience accounts.

Also for the first time, people may qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service.

The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major changes to the tax law for 2018 and future years.

Efforts include increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and changing tax rates and brackets.

The new law also enables eligible individuals with disabilities to put more money into their ABLE accounts and more.Credit in many cases and roll money from their 529 plans — also known as qualified tuition programs — into their ABLE accounts.

States can offer specially designed ABLE accounts to people who become disabled before age 26. Recognizing the special financial burdens faced by families raising children with disabilities, ABLE accounts are designed to enable people with disabilities and their families to save for and pay for disability-related expenses.

Though contributions are not deductible, distributions, including earnings, are tax-free to the designated beneficiary if used to pay qualified disability expenses. These expenses can include housing, education, transportation, health, prevention and wellness, employment training and support, assistive technology and personal support services and other disability-related expenses.

More information is available at irs.org

Don't miss the big stories. Like us on Facebook.
THE LATEST
NyE Communities Coalition to host event

Carotid artery disease is a very serious medical condition, as it can block the flow of blood to one’s brain, causing a possible stroke.

Realtors association has a new name

The Greater Las Vegas Association of Realtors, which has members in Pahrump and Las Vegas, has officially shortened its name to Las Vegas Realtors.

Travel Nevada marketing chief promoted

The Nevada Department of Tourism and Cultural Affairs promoted Travel Nevada Chief Marketing Officer Mary Ellen Kawchack to deputy director of the Nevada Department of Tourism and Cultural Affairs.

Valley Electric Association Inc. hosts Candidate’s Night

Valley Electric Association Inc. member-owners looking to learn more about candidates vying for Valley Electric Association’s board seats up for election in the spring can attend an event at the co-op’s conference center.

California Lottery

No one matched all five numbers and the mega number in the Saturday, Feb. 15 drawing of the California Super Lotto. The next jackpot will be at least $9 million.

Poll: Health care top issue for Nevada women over 50

Health care is the top issue for many Nevada women who are 50 years old and older, according to a new poll commissioned by the American Association of Retired Persons.

Suspect arrested after domestic dispute

Nye County Sheriff’s Office deputies performed a forced entry into a Canyon Street home following reports of a domestic disturbance in progress.

Nye, Inyo Search and Rescue teams locate missing hikers

Two individuals have crews from Nye County’s Search and Rescue team, along with Inyo County officials, to thank after a routine hiking excursion on Eagle Mountain did not go as planned.

Annual Balloon Festival returns to Pahrump

Officials from the Pahrump Valley Chamber of Commerce said this week that they believe the Pahrump Hot Air Balloon Festival is bound to attract attendees by the hundreds.