New Jersey Tax-Free Savings Accounts for Individuals with Disabilities (ABLE)
~~Individuals with disabilities can now save tax-free for eligible expenses, such as education, housing and transportation, without losing eligibility for Medicaid and other benefits.
N.J. Department of Human Services recently launched NJ ABLE (Achieving a Better Life Experience), which enables participants to establish tax-free accounts that will not be included as an asset or income when determining an individual’s eligibility for state assistance programs.
The earnings on NJ ABLE investments are federally tax-deferred and tax-free, if used for qualified disability expenses. This can help savings compound. The program also offers a range of investment options.
- Asset Development / Financial Capability
- New Jersey Department of Health and Human Services