IRS Increases Limits for ABLE Accounts
People with disabilities can save more money without jeopardizing eligibility for government benefits thanks to a change in tax rules for the new year.
Starting this month, the federal gift tax exclusion increases from $16,000 to $17,000 annually, according to the Internal Revenue Service. The deposit limit for ABLE accounts — a savings vehicle for people with disabilities — is tied to that metric, so it will grow as well.
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