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- Long Term Disability & ABLE account
Long Term Disability & ABLE account
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cki3456
Level 1
12-21-2021
06:39 PM
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Qualified disabled persons can contribute up to $15,000 in an ABLE account, and an additional $12,760 if that person has employment income. If that person receives long term disability payments from an employer plan, can he/she use those payments to contribute towards the additional $12,760?
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1 Comment 1
qbteachmt
Level 15
12-21-2021
06:57 PM
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Once you get money for any reason, that is your money, to use however you want or need. You are not necessarily using those same payments. Once you have it under your control, it's part of your money for whatever purposes.
The payments you describe don't count as employment income. Is that your real question?
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