Oregon ABLE Savings Plan is live!
Learn more or sign up at OregonABLESavings.com.
The Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act) established the creation of ABLE accounts for individuals with disabilities. The Oregon ABLE Savings Plan provides tax-advantaged savings accounts for individuals and their families to save for qualified disability expenses without losing their federal and state benefits.
- Individuals diagnosed with a disability before the age of 26 are eligible for an ABLE account
- $100,000 can be saved within an ABLE account without the assets affecting federal and state benefits
- $14,000 can be contributed to an ABLE account each year
- All growth within the accounts are tax-free
- For the current tax year of 2016, contributions to accounts in Oregon for beneficiaries under the age of 21 are tax deductible up to $4,620 for joint filers and $2,310 for single filers
- Funds from an ABLE account can be used tax-free for qualified disability expenses such as health, education, housing, transportation, financial management and more
Email us at Oregon.ABLE@ost.state.or.us if you have any questions.
For more information about ABLE accounts in general visit the ABLE National Resource Center’s website at www.ablenrc.org.