HONESDALE – Since it was created nearly two years ago, the PA ABLE Savings Program has surpassed $10 million in assets, and more than 1,700 accounts opened since the launch in April 2017. PA ABLE provides tax-advantaged savings accounts for people with qualified disabilities and their families.
The PA ABLE Act was passed following federal legislation by Pennsylvania’s U.S. Senator Bob Casey that authorized states to create their own ABLE programs. Modeled after 529 college savings accounts, ABLE accounts allow people with qualifying disabilities and their families to save for a wide range of disability-related expenses tax-free and provides investment options offered to encourage saving private funds to support health, independence and quality of life.
Across the Commonwealth, people with disabilities face unique financial challenges. Pennsylvanians now have the tools to offset the significant, extra costs associated with living with a disability without jeopardizing essential medical assistance, Supplemental Security Income, and other important benefits.
Contributions to the PA ABLE Savings Program Account (PA ABLE) are deductible from Pennsylvania state income taxes. If you haven’t yet enrolled, you can maximize your savings by opening or contributing to a PA ABLE account by December 31, 2018, to save on this year’s PA state taxes.
Remember that up to $15,000 per person can be deducted from Pennsylvania state income taxes for 2018 and this tax deduction is exclusively for contributions made to a PA ABLE Savings Program account.
Learn more about the features and benefits of PA ABLE and find out if you may be eligible to enroll by visiting PAABLE.gov!