Tax-Advantaged Savings Accounts That Benefit Those With Disabilities

Tax-Advantaged Savings Accounts That Benefit Those With Disabilities

May 2025
May 28, 2025•1 min read

Tax-Advantaged Savings Accounts That Benefit Those With Disabilities

Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings or investment accounts that don’t affect eligibility for government assistance programs. Contributions aren’t tax deductible, but withdrawals used for qualified expenses are tax free, similar to 529 education savings plans.

The 2025 contribution limit is $19,000. Qualified expenses include housing, education, transportation and basic living expenses. ABLE account beneficiaries may be eligible to claim the Saver’s Credit for a percentage of their contributions. This is a nonrefundable credit for people who are 18 or older, aren’t dependents or full-time students, and meet certain income requirements. Contact the office for more information.

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James Merante is a seasoned business advisor with decades of experience helping entrepreneurs gain financial clarity, optimize operations, and build businesses that scale with confidence—not chaos.

James Merante

James Merante is a seasoned business advisor with decades of experience helping entrepreneurs gain financial clarity, optimize operations, and build businesses that scale with confidence—not chaos.

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