Achieving a Better Life Experience or ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. These accounts help disabled people pay qualified disability-related expenses without affecting their eligibility for government assistance programs.
https://www.irs.gov/government-entities/federal-state-local-governments/able-accounts-tax-benefit-for-people-with-disabilitiesHere are some key points to review at ABLE.
- Annual contribution limit
- Saver’s credit
- Rollovers and transfers from section 529 plans
- Qualified disability expenses