IRS Raises ABLE Account Limit

With the new year, individuals with disabilities will be allowed to put aside more money than ever before in a special type of account that permits them to save without jeopardizing their government benefits.

The Internal Revenue Service said that the federal gift tax exclusion increased to $18,000 effective at the start of this month. The annual deposit limit for ABLE accounts is tied to that measure, so it will rise as well.

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