“ABLE Accounts, which are tax-advantaged savings accounts for individuals with disabilities and their families, were created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014, better known as the ABLE Act. The beneficiary of the account is the account owner, and income earned by the accounts will not be taxed. Contributions to the account made by any person (the account beneficiary, family and friends) will be made using post-tax dollars and will not be tax-deductible on the federal level.
However, Arkansas law allows for state income tax deductions of up to $5,000 per individual for contributions made to an Arkansas ABLE account.”
- Asset Development / Financial Capability
- Resource Leveraging
- Arkansas Treasury