Oregon ABLE Savings Plan

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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 will provide tax-advantaged savings accounts for individuals and their families to save for qualified disability expenses without losing their federal and state benefits. Managing Director for the Oregon ABLE Savings Plan and the Oregon College Savings Plan, David Bell, joined us to share how it works.

ABLE accounts are available to individuals diagnosed with a disability before the age of 26

$100,000 can be saved within an ABLE account without the assets affecting SSI

$310,000 can be saved within an ABLE account without the assets affecting all other state and federal benefits

$14,000 can be contributed to an ABLE account each year

All growth within the accounts are tax-free

Contributions to accounts for beneficiaries under the age of 21 are tax deductible up to $4,620 for joint filers and $2,310 for single filers for tax year 2016

Funds from an ABLE account can be used tax-free for qualified disability expenses such as health, education, housing, transportation and more

For more information on the Oregon ABLE Savings Plan visit www.oregonABLEsavings.com or email Oregon.ABLE@ost.state.or.us

Follow us on Twitter & Facebook: @OregonABLE

Visit www.ABLEnrc.org for more information on ABLE overall