ABLE savings account definition

ABLE savings account or "account" means an account established under this act.
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ABLE savings account or ‘account’ means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended.
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ABLE savings account or ‘account’ means an individual savings account established in accordance with the provisions of this article.
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Examples of ABLE savings account in a sentence

  • An account owner may transfer all or a portion of an account to another ABLE savings account with another designated beneficiary as long as the new designated beneficiary of the account to which the transfer is made is an eligible individual and a member of the family of the previous designated beneficiary.

  • The program shall recognize an individual as a designated representative and not require a designated representative to obtain court approval before opening and funding an ABLE savings account under this act.

  • The terms and conditions for establishing an ABLE savings account.

  • The amount calculated under this subparagraph for an ABLE savings account shall not be less than zero.

  • Only 1 account shall be opened for any 1 designated beneficiary.(3) To open an ABLE savings account, the individual or designated representative of a designated beneficiary shall enter into a Michigan ABLE savings program agreement with the program.

  • This subdivision does not apply to withdrawals that are less than the sum of all contributions made to an ABLE savings account in all previous tax years for which no deduction was claimed under subdivision (x), less any contributions for which no deduction was claimed under subdivision (x) that were withdrawn in all previous tax years.

  • To the extent included in adjusted gross income, distributions that are qualified withdrawals from an ABLE savings account to the designated beneficiary of that ABLE savings account.

  • To the extent included in adjusted gross income, interest earned in the tax year on the contributions to the taxpayer’s ABLE savings account if the contributions were deductible under subparagraph ( i).

  • To the extent not deducted in determining adjusted gross income, contributions made by the taxpayer in the tax year less qualified withdrawals made in the tax year from an ABLE savings account, pursuant to the Michigan achieving a better life experience (ABLE) program act, 2015 PA 160, MCL 206.981 to 206.997, not to exceed a total deduction of $5,000.00 for a single return or $10,000.00 for a joint return per tax year.

  • Add, to the extent not included in adjusted gross income, the amount of money withdrawn by the taxpayer in the tax year from an ABLE savings account, not to exceed the total amount deducted under subdivision (x) in the tax year and all previous tax years, if the withdrawal was not a qualified withdrawal as provided in the Michigan ABLE program act, 2015 PA 160, MCL 206.981 to 206.997.

Related to ABLE savings account

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Earnings Account means, in relation to a Ship, an account in the name of the Owner owning that Ship with the Agent in Hamburg designated “[name of relevant Owner]—Earnings Account” or any other account (with that or another office of the Agent) which replaces such account and is designated by the Agent as that Earnings Account for the purposes of this Agreement and, in the plural, means all of them;

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  • Retention Account means an interest bearing Dollar account of the Borrowers opened or (as the context may require) to be opened jointly by the Borrowers with the Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be a Retention Account for the purposes of this Agreement;