ABLE Account Decision Guide Series
Finding the Funds to Save in an ABLE Account
Beneficiary needs to ensure he/she maximizes tax credits (including Earned Income Tax Credit, Saver’s Credit) and possible ABLE contribution deductions or credits. Consider using a free VITA tax site or other source of free tax filing help (see https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers). ABLE account owner would use IRS Form 8888 to allocate all or a portion of their IRS tax refund to their ABLE account. https://www.irs.gov/pub/irs-prior/f8888–2019.pdf.
Note: Our ABLE Decision Guide Series is designed as an aid to decision making as it relates to establishing and using an ABLE account. This document does not cover every possible issue related to the topic and is not a substitute to more in-depth analysis that may be required in some cases.
