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ABLE Accounts: 10 Things You Should Know

Resource Author/Owner/Service Provider

National Disability Institute (NDI)

Description

ABLE Accounts are tax-advantaged savings accounts for individuals with disabilities and their families. The beneficiary of the account is the account owner, and income earned by the accounts will not be taxed. Contributions to the account made by any person (the account beneficiary, family and friends) will be made using post-taxed dollars and will not be tax deductible, although some states may allow for state income tax deductions for contribution made to an ABLE account.

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Categories

Disability RightsFinancial SupportsMedical/Physical HealthMental Health/Developmental DisabilityMoney ManagementSelf-Directed CareTransition PlanningTransitions to Adulthood

Related Terms

disabilitiesfinancial supportsaving accountstax breaks
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