MarylandAble Accounts
Creating an innovative way for people with disabilities to save money The Able Account gives the opportunity to individuals with disabilities to save and invest without jeopardizing any means-tested benefits, such as SSI or Medicare.
Account holders can contribute 15,000 per year. At the same time, accounts holders can save up to 100,000.00 dollars before impacting SSI cash benefits. The account maximum value 350,000.00 dollars. The ABLE Accounts are not exclusive to Maryland residents anyone can open an ABLE Account. Accounts are exclusive to individuals with disabilities. Call the numbers below for details.
ABLE Accounts assets have protection there are no federal or state taxes on the earnings while funds are in the Able Account, and no taxes on the withdrawals if the funds will be used for Qualified Disability Expenses (QDEs).
Easy enrollment
Easy to access to the funds
An ABLE Account does not have to be in place of a Special Needs or Third-Party Trust fund.
Having the ABLE Account offers broader spending power to the individual using the account.
There is an initial 25.00 minimum deposit to establish an account
Afterward, the minimum 10.00-dollar contribution is due.
The account holder will receive a Preloaded MasterCard for easy access to funds.
The state of Maryland income taxpayers can claim up to 2,500 tax deduction per ABLE Account. Please note the state deduction offered to Maryland residents and not available for contributions made to non-Maryland account holders. Non- Maryland account holders must check with their state to get information on deductions. Other restriction applies. Contact us.
Maryland Able Account Contact Information:
Customer Service Monday – Friday 9 AM – 8 PM (855) 563-2253 (TTY 1-8884-888-2253)
Website information: https://www.marylandable.org
Any questions or concerns please give us a call.
Published by ANCILLARY TAX PROFESSIONAL SERVICE
Office Phone Number (301) 535-9625
Ancillary Tax Professional Service website: ancillarytaxservices.com