WEST VIRGINIA

“WVABLE” is the name of West Virginia’s ABLE program

 Helpful Information About West Virginia’s ABLE Program:

 

Program Name
WVABLE

State Administrator
West Virginia State Treasurer's Office

Program Administrator
Vestwell State Savings, LLC, dba Sumday Administration

Enrollment Website
https://www.sumday.com/register/stable

West Virginia Able Act
West Virginia Code | §16-48 (wvlegislature.gov)

Personal Income Tax Modifications to Federal Adjusted Income
West Virginia Code | §11-21-12J (wvlegislature.gov)


State Tax Incentives

Earnings on your STABLE Account grow free of federal and West Virginia state income taxes. The earnings remain tax-free even when you withdraw them, so long as you spend the money on Qualified Disability Expenses. If you are a West Virginia resident or taxpayer, you may take a state income tax deduction equal to your total contributions to a WVABLE account for the year. Deductions for contributions are allowed for each designated beneficiary and excess deduction may be carried forward for up to five years. Contributions are not tax deductible on your federal tax return, but the designated beneficiary’s own contributions may be eligible for a federal Saver’s Credit. You should consult a qualified tax advisor about how the laws apply to your circumstances, and a qualified benefits advisor as to how a STABLE Account, and withdrawals from such account, may affect any means-tested federal or state benefits for which you may otherwise be eligible.


WVABLE accounts are not subject to 529A claims against the beneficiary of a WVABLE account for total medical assistance paid after the establishment of an account by the West Virginia Department of Health and Human Resources.  However, the West Virginia Department of Health and Human Resources may recover payments from the estate of Medicaid beneficiaries only as required by Section 1917(b) of the Social Security Act and WV Code §9-5-11c. Those impacted will be the estates, age 55 or older, whose nursing home and/or community-based waiver services were paid by Medicaid. The estate recovery may include the remaining STABLE account funds. For more information on the West Virginia estate recovery process, please go to www.wvrecovery.com.

Medicaid Estate Recovery