Have you heard about the new “Achieve a Better Life Experience” (ABLE) accounts? They’re tax-favored savings accounts you can establish to set aside money to pay expenses for a disabled family member. Assets in ABLE accounts grow tax-free and withdrawals are nontaxable if used to pay qualified disability expenses. ABLE accounts were authorized under a federal tax law, and individual states are responsible for setting up the programs. That means you may have to wait a while longer to open an account. However, the tax code currently offers other benefits for people with disabilities that may help reduce your federal income tax bill.
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