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msandra531
October 25, 2023
Question

CalAble account

  • October 25, 2023
  • 1 reply
  • 0 views

Do I have to pay taxes on money I withdraw for approved expenses from my CalAble account?  If no, how do I amend last years taxes?

Sandra

[email address removed]

[phone number removed] (old number was [phone number removed]  no longer valid)

    1 reply

    Cindy4 12
    Cindy4 12
    October 25, 2023

    Hi @msandra531 !

     

    You do not pay taxes on money you withdraw for qualified disability expenses.  If you inadvertantly paid taxes on money that you withdrew in prior years for qualified disability expenses, you should amend your return for those years.

     

    The list of qualified expenses can be found here:

    https://www.cdss.ca.gov/benefits-services/more-services/calable/calable-faq#:~:text=What%20are%20some,and%20burial%20expenses

     

    Hope this helps!

    Cindy

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