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An ABLE account, also known as a 529 ABLE or 529A account, is a state-run savings program for eligible people with disabilities in the United States. Rules governing ABLE accounts are codified in Internal Revenue Code section 529A, which was enacted by the Achieving a Better Life Experience (ABLE) Act in 2014.
One of the newest financial products around, ABLE accounts are a 529 account with all kinds of bells and whistles built specifically to serve disabled Americans. After years of grassroots advocacy ...
Miranda Kennedy, ABLE National Resource Center Director, joins Yahoo Finance’s Kristin Myers and Alexis Christoforous to break down special savings ABLE accounts provide for those with disabilities.
ABLE accounts allow individuals with disabilities to save money using a tax-advantaged account. These accounts were created as part of the Achieving a Better Life Experience Act (ABLE) of 2014.
Details of the accounts, which officially came into effect once the Treasury Department issued enabling regulations and states passed legislation regarding account administration, are: [41] Accounts can be established by or on behalf of a disabled person, provided that the beneficiary's disability began before age 26.
The Maryland ABLE Program launched in November 2017. With Maryland ABLE, you can contribute up to $15,000 per year (or more if the beneficiary is working) to one of three investment options or a cash option, and account growth is tax-free when used for qualified disability expenses. All plans are overseen by Maryland 529 and its Board. [4]