Deposit Limits for ABLE Accounts Raised to $16,000

Beginning January 2022, the IRS raised the annual limit of allowable deposits into ABLE accounts from $15,000 to $16,000. This means people with disabilities who have ABLE accounts can now save more money without losing government benefits such as Social Security and Medicaid. ABLE accounts are savings accounts for people with disabilities created by the Achieving a Better Life Experience Act in 2014. The savings can be used tax-free for disability-related expenses.

Find out more information about the limit increase at the Disability Scoop’s news article.

For more information about ABLE accounts, visit the ABLE National Resource Center.