(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.
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