Achieving a Better Life Experience (ABLE) accounts can help support disabled individuals without affecting their eligibility for government benefits. Although contributions to an ABLE account aren’t tax-deductible, earnings are tax-deferred. Even better, if distributions are used by a beneficiary for specified disability-related costs, they’re tax-free. Family and friends may contribute up to $16,000 annually and can shelter their contributions from gift tax by the annual gift tax exclusion. In addition, some ABLE account beneficiaries who are 18 or older and employed may contribute to their accounts and qualify for the retirement saver’s tax credit. More information: https://bit.ly/2GcuZXY Call or visit our website for more information! www.mjscpa.com/
