New Tax Law Boosts ABLE Accounts
CPA Practice
MARCH 22, 2023
Thanks to a little-noticed law passed in 2014—the Achieving a Better Life Experience Act (ABLE) Act—a family can set up a tax-favored savings account for a disabled individual. Appropriately enough, these are referred to as “ABLE accounts.” Contributions are not tax-deductible). The change takes effect in 2026.
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