Because Treasury has started issuing the expanded Michigan EITC supplemental check payments for tax year 2022, it is no longer necessary to view or manually update your address. If you moved between last year and now, please be sure your new address is on your 2023 individual income tax return filing.
Ringing in 2024 Presents Opportunity to Open a Disability Savings Account, Making for a Happier New Year
January 11, 2024
With the dawn of the new year, the Michigan Department of Treasury is encouraging hundreds of thousands of Michiganders with disabilities to open MiABLE savings accounts and discover more about gaining greater financial freedom through MiABLE.
Approximately 500,000 individuals in Michigan are eligible to open MiABLE accounts, but only about 1% of that number are currently enrolled statewide.
“As people all over the world make New Year’s resolutions to diet, exercise or make some other self-improvement, we’re recommending that people with disabilities and their families add a commitment to achieving financial freedom through MiABLE to their list of pledges,” said R. Scott de Varona, MiABLE program director.
De Varona added, “There is no better way to start off the new year from a financial opportunity standpoint for people with disabilities and their families than to open a MiABLE account.”
While de Varona noted that “any time of year is a good time to open a MiABLE account,” he called the dawning of the new year “an opportunity to remind people that MiABLE serves as an important financial equity tool for Michiganders.”
For those who want to learn more about the benefits of MiABLE, de Varona recommended attending an upcoming webinar. The next one will take place at 6 p.m. Wednesday, Jan. 17. To register for this event, click here.
He also suggested staying tuned for a highly anticipated announcement about an upcoming podcast series produced by Special Olympics Michigan (SOMI) and sponsored by MiABLE. The series features successful people with disabilities — game changers who are making a difference in Michigan and beyond. Details will be available soon.
Established in Michigan in 2015, MiABLE is a disability savings program administered by the Michigan Department of Treasury. It stands for Michigan Achieving a Better Life Experience and was designed to help ease the financial burden challenging people with disabilities and their families. MiABLE accounts help people with disabilities save for current and future expenses without jeopardizing government assistance like Medicaid and Supplemental Security Income.
In Michigan and nationally, a $2,000 federal asset limit is imposed on people with disabilities who receive government benefits. Compared with their peers, people with disabilities are twice as likely to live in poverty, less likely to be employed and more likely to be underemployed.
MiABLE allows individuals who became disabled before age 26 and their families to save up to $18,000 annually in various investment options. On top of that limit, beneficiaries who are employed can contribute an amount equal to their current-year gross income, up to another $14,580.
Setting up a MiABLE account is quick and easy, generally taking about 15 minutes, de Varona said.
A MiABLE account lets you make your own decisions about how to spend your money on qualified disability expenses (QDEs), without getting permission from a special trust. QDEs are expenses to maintain or improve your health, independence or quality of life. Examples include health care costs, housing, education and transportation.
MiABLE also allows family members, guardians, powers of attorney and others to open and manage an account on behalf of a person with a disability. Earnings on MiABLE savings grow tax-free, and no federal or state tax is owed on withdrawals used to pay for qualified disability expenses.
For more information or to open a MiABLE account online, go to www.MiABLE.org.