May 17, 2018
Recent tax law changes enable eligible people with Achieving a Better Life Experience (ABLE) accounts to put more money into their ABLE account and possibly qualify for the Saver's Credit.
The new law also allows ABLE beneficiaries and certain family members to roll money from 529 plans into ABLE accounts.
ABLE accounts are state-offered accounts that help people with disabilities and their families pay for disability-related expenses. Distributions, including earnings, are tax-free to the beneficiary if used to pay qualified disability expenses. These may include housing, education, transportation, health, prevention and wellness, employment training and support, assistive technology and personal services.
See IRS.gov/taxreform for more information.