Schumer Seeks Pre-Tax Account for Special Needs Families

Parents can put away pre-tax dollars for their children’s college education and save for their retirement accounts but if they had an offspring with special needs that option is currently not available.

Until now.
Sen. Charles Schumer said he is advocating for a new federal bill that will allow parents of special needs children, such as those suffering with Down Syndrome, Autism or Fragile-X, to create a pre-tax, IRA-like account that they can use to tap into for funds for such services as education, transportation, housing, health and wellness and employment support. The bi-partisan bill was passed by the Senate’s Ways and Means Committee last week and is now headed to its Finance Committee.