Changes Announced to ABLE Account Limits
The ABLE National Resource Center has announced that people with disabilities may save an additional $1,000 in 2018 in an ABLE Account. These tax-advantaged savings accounts allow people to save money for disability-related expenses without losing their eligibility for government benefits. Under changes announced by the Internal Revenue Service, the total yearly contribution limit to an ABLE Account was raised from $14,000 a year to $15,000 a year, beginning in January. ABLE stands for the Stephen Beck Jr. Achieving a Better Life Experience Act.