- TO:
- ALL FAMILY SUPPORT DIVISION OFFICES
- FROM:
- PATRICK LUEBBERING, DIRECTOR
- SUBJECT:
- ABLE ACCOUNTS AND MAGI METHODOLOGY
- MANUAL REVISION #107
1805.030.20.10
DISCUSSION:
Achieving a Better Life Experience (ABLE) accounts are tax-advantaged accounts that eligible individuals can use to save funds for disability-related expenses. Information regarding the treatment of income, withdrawals and distributions to and from ABLE accounts has been added to section 1805.030.20.10 Income Excluded Under MAGI of the Family MO HealthNet (MAGI) manual. The following income types are excluded to the beneficiary under MAGI:
- Contributions to an ABLE account from a third party
- Distributions from a Special Needs Trust deposited into an ABLE account
- Distributions from an ABLE account used for qualified disability expenses (QDEs)
- Account earnings such as interest, dividends, or other distributed returns to an ABLE account
NECESSARY ACTION:
- Review this memorandum with appropriate staff.
PL/kp