34 Tex. Admin. Code § 7.189 - Rollovers

(a) Direct rollovers. To the extent allowed by Internal Revenue Code, §529A, available funds in a Texas ABLE Program account may be rolled over (transferred) to another qualified ABLE program in another state (a rollover) for the same beneficiary, or for another beneficiary who is an eligible member of the family. The Texas ABLE Program will accept rollovers (transfers) of funds from a qualified ABLE program in another state for the same beneficiary, or for another beneficiary who is an eligible member of the family. Available funds from a Texas ABLE account may be rolled over (transferred) to another Texas ABLE account for another beneficiary who is an eligible member of the family.

(b) Indirect rollovers. The Program will accept indirect rollovers that are received not later than the 60th day after the date of such payment or distribution by the other qualified ABLE program, for the benefit of an eligible individual if the amount received is accompanied by a statement from the other qualified ABLE program providing:

(1) the date the account in the other qualified ABLE program was closed;

(2) the amount of contributions to the other qualified ABLE program for the calendar year in which the indirect rollover occurs; and

(3) the amount of any earnings included in the amount of the indirect rollover.

(c) Indirect rollovers of available funds from the Texas ABLE Program to another qualified ABLE program are subject to the requirements of Internal Revenue Code, §529A and subject to that state's requirements.

(d) Rollovers may not result in more than one ABLE account per designated beneficiary.

Notes

34 Tex. Admin. Code § 7.189

Adopted by Texas Register, Volume 41, Number 37, September 9, 2016, TexReg 7111, eff. 9/12/2016