ABLE Account Information

Filing taxes can be time-consuming and complicated, but there are some available resources, benefits, and tax credits that can help individuals with disabilities lower their tax liability and boost their savings.

The annual contribution limit for an ABLE account each year typically goes up in line with the annual gift tax exemption.

Every family has different needs and circumstances when assessing whether a special needs trust or ABLE account is the better option for their loved one with disabilities.

The Tax Cuts and Jobs Act (TCJA) of 2017 made significant changes to the U.S. tax code. Many of its provisions are set to expire, or "sunset," at the end of 2025. It also made three key changes to ABLE accounts that...

ABLE accounts can enhance quality of life for people with disabilities, offering financial protection while preserving access to public benefits for some individuals.

Qualifying people with disabilities can accumulate savings in a tax-free ABLE account without risking their means-tested public benefits. In 2024, the annual limit on how much money one can deposit into these accounts will rise to $18,000 per year.

U.S. Sen. Bob Casey (D-PA) has announced a new bill that seeks to make it easier for people in the disability community who are living with limited resources to open an ABLE savings account.

ABLE account owners who are employed can contribute work income to this type of account beyond the typical $17,000 annual threshold until the end of 2025.

The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will affect people with disabilities on several fronts.