People and families paying for disability-related expenses should consider an ABLE savings account

People with disabilities and their families can use Achieving a Better Life Experience or ABLE accounts to help pay for qualified disability-related expenses. ABLE accounts are tax-advantaged savings accounts that don’t affect eligibility for government assistance programs. Here are some key things people should know about these accounts.

Annual contribution limit

The 2022 limit is $16,000.
Certain employed ABLE account beneficiaries may make an additional contribution up to the lesser of these amounts:
The designated beneficiary's compensation for the tax year or
For 2022, $12,880 for residents in the continental U.S., $16,090 in Alaska and $14,820 in Hawaii.

More information can be found at
https://www.irs.gov/news...-an-able-savings-account 

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