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Frequently Asked Questions

What is an ABLE account?

ABLE accounts are savings accounts for individuals with disabilities. The accounts will not affect their public benefits.

What can the money in an ABLE account be used for?

These accounts can be used for daily transactions and/or long-term savings.

Are there tax incentives for having an ABLE account?

Income earned in the accounts is not taxed, if spent on qualified disability-related expenses. Contributions can be made to an account by anyone and may qualify for a state tax deduction.