ABLE Account Decision Guide Series

Finding the Funds to Save in an ABLE Account

Consider any unused portion of this income for contribution to the ABLE account.

This could include, for example, an inheritance, a personal injury award, or lottery winnings.
Keep in mind that this contribution, along with any other contribution (not including the beneficiary’s earnings), cannot exceed the annual contribution limits for an ABLE account ($15,000 in 2020) It is also important to remember that there is no change in the way that means tested benefit programs count income in the month received even when it is deposited into the ABLE account.  

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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.