IRS Raises New Limit for ABLE Accounts: Learn How Much

People with disabilities can save more money in the new year without jeopardizing eligibility for government benefits due to changes in tax rules.

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[{"selector":"#anim-ae4ada77-7fd5-423f-9caf-015f6b8281b3","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Starting this month, the federal gift tax exclusion will increase from $16,000 to $17,000 annually. Starting this month, the federal gift tax exclusion will increase from $16,000 to $17,000 annually. CREDIT GETIMAGE

[{"selector":"#anim-f0743f8e-4e00-495c-ba0d-3324d9c05cb8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The increase is the result of inflation and follows a similar increase in the maximum allowable ABLE account contribution last year. The increase is the result of inflation and follows a similar increase in the maximum allowable ABLE account contribution last year. CREDIT GETIMAGE

[{"selector":"#anim-dbfee07c-3a1e-4e23-a603-f01334744774 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The previous allowed people with disabilities to save up to $100,000 without giving up eligibility for Social Security and other government benefits. The previous allowed people with disabilities to save up to $100,000 without giving up eligibility for Social Security and other government benefits. CREDIT GETIMAGE

[{"selector":"#anim-44d0a6c6-a864-4d1c-9795-920643a4f692","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] The money can be used to pay for qualified disability expenses, including education, health care, transportation and housing. The interest earned is tax-free. The money can be used to pay for qualified disability expenses, including education, health care, transportation and housing. The interest earned is tax-free. CREDIT GETIMAGE

[{"selector":"#anim-40803905-4447-4c02-96e5-2ffef262a754 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] People with disabilities who are employed can save some of their earnings in addition to the $17,000 gift tax amount. People with disabilities who are employed can save some of their earnings in addition to the $17,000 gift tax amount. CREDIT GETIMAGE

[{"selector":"#anim-d29cb21d-95fe-434b-bb32-0028ea4b06bb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] In 2026, this age limit will increase to 46 under the recently passed law. In 2026, this age limit will increase to 46 under the recently passed law. CREDIT GETIMAGE

IRS Raises New Limit for ABLE Accounts: Learn How Much

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IRS Raises New Limit for ABLE Accounts: Learn How Much

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People with disabilities can save more money in the new year without jeopardizing eligibility for government benefits due to changes in tax rules.

People with disabilities can save more money in the new year without jeopardizing eligibility for government benefits due to changes in tax rules.

IRS Raises New Limit for ABLE Accounts: Learn How Much

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