Jude Lane will explain the ABLE account, a free savings option for people with disabilities — what the account is, how it works and how to set one up.
An ABLE account is a savings and / or investment option for people with disabilities who qualify. It falls under Section 529A of the Internal Revenue Service tax code. The ABLE Act allows a person whose disability began before age 26*, to save money in the ABLE account without affecting most federally funded benefits based on need. The money in the account may be used to pay for qualified disability expenses (QDEs). Any growth in the account from investments is not taxed and does not count as income if the funds are used for QDEs.
Musical Guests: Kris and Chris