People with Disabilities Can Save for the Future, Without Reducing Government Benefits
By: Joel Hosner, MDTAP Advisory Council Consumer Representative
The State of Maryland has authorized the creation of ABLE accounts, a way to save up to $100,000 for future expenses, without the assets counting against the $2,000 limit to be eligible to receive SSI (Supplemental Security Income). Eligible expenses include living expenses, education, housing, and assistive technology, anything related to your disability.
To open an ABLE account, the beneficiary must have developed a qualifying disability before the age of 26. Parents can open an ABLE account on behalf of their children with qualifying disabilities. Up to $15,000 can be deposited each year, and the money invested can grow free of federal and state tax. Contributions to an ABLE account may qualify for a deduction from Maryland state income taxes up to $2,500 per year per beneficiary ($5,000 for joint filers).
To learn more about Maryland ABLE accounts, go to https://www.marylandable.org/.
