ABLE account

Rules governing ABLE accounts are codified in Internal Revenue Code section 529A, which was enacted by the Achieving a Better Life Experience (ABLE) Act in 2014.

As of August 2018, 39 states and the District of Columbia run ABLE programs, some of which are open to individuals nationwide.

[10] An ABLE account can receive after-tax cash contributions from any person, including its owner.

The additional amount is equal to the lesser of the beneficiary's annual compensation or the federal poverty level for an individual — $12,060 in 2018.

Up to $100,000 in an ABLE account is exempt from the Supplemental Security Income (SSI) asset limit.

Vice President Joe Biden and a child with disabilities at an event at the White House about the ABLE program in 2015.