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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.
For example, in Colorado, residents ages 65 and older have been able to fully deduct federally taxed Social Security benefits on their state income tax returns since tax year 2022. For 2025, that ...
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.
The states who do let the Social Security Administration manage their SSP (see section Apply for the State Supplement Program). Except from the states of Arizona, Mississippi, North Dakota, Northern Mariana Islands, and West Virginia; every state currently offers a state supplement to the federal SSI through the State Supplement Program.
The Ohio ABLE Act, creating ABLE accounts, was the first of its kind state program which allows those with a qualifying disability to save for their disability expenses into a 529(a) savings account. Dever introduced legislation making Ohio the first state in the nation to pass this legislation. [6] [7]
Supplemental Security Income beneficiaries who need help paying disability expenses have the option of opening an Achieving a Better Life Experience, or ABLE, account, which lets people with...
The state offers a $30,000 pension income deduction that applies to most forms of retirement income, but retirees must subtract their exempt Social Security benefits from that deduction before ...