What is an ABLE account?
Called the Achieving a Better Life Experience (ABLE) Act, the law is now being implemented one state at a time. So far, 17 states have ABLE programs, according to the ABLE National Resource Center. However, no matter which state you live in, you can open an ABLE account in most states with an active ABLE program.
Its an account that allows people with disabilities who became disabled before they turned 26 to set aside up to $14,000 a year in tax-free savings accounts without affecting their eligibility for government benefits.
The states that now have ABLE account programs up and open for enrollment are: Alaska, Florida, Illinois, Iowa, Kansas, Kentucky, Michigan, Minnesota, Nebraska, Nevada, North Carolina, Ohio, Oregon, Rhode Island, Tennessee, Vermont and Virginia. Most offer enrollment to those who live out-of-state. Also, another state, Pennsylvania, is about to open enrollment. For details, click here.
For up-to-date details on the state-by-state roll out of ABLE programs, visit the ABLE National Resource Center’s Able Website.
