What Is An ABLE Account?

ABLE accounts have contribution limits. These limits are equal to the annual Federal gift tax exclusion. In 2020 and 2021 this is $15,000/year. People with disabilities who are working are allowed to save more than this. ABLE to Work gives you the opportu

An ABLE account is an account individuals with disabilities can use to save money without impacting their means-tested benefits. Means-tested benefits are things like SNAP (food stamps), TANF (welfare) and Medicaid. It is not counted as an asset if you are receiving Supplemental Security Income (SSI).

You have the option to invest the money or put it int…