{"id":4111,"date":"2019-02-19T09:16:10","date_gmt":"2019-02-19T14:16:10","guid":{"rendered":"http:\/\/www.equipmentlink.org\/blog\/?p=4111"},"modified":"2019-02-19T09:16:10","modified_gmt":"2019-02-19T14:16:10","slug":"maryland-able-accounts","status":"publish","type":"post","link":"http:\/\/www.equipmentlink.org\/blog\/?p=4111","title":{"rendered":"Maryland ABLE Accounts"},"content":{"rendered":"

People with Disabilities Can Save for the Future, Without Reducing Government Benefits<\/strong><\/p>\n

By: Joel Hosner, MDTAP Advisory Council Consumer Representative<\/strong><\/p>\n

\"Maryland<\/a><\/p>\n

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.<\/p>\n

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).<\/p>\n

To learn more about Maryland ABLE accounts, go to https:\/\/www.marylandable.org\/<\/a>.<\/p>\n

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