Tax Write-Offs You Shouldn’t Overlook Contributions to an ABLEnow account qualify for the Saver's Tax Credit, if the account owner is eligible for the credit says Mary Morris, CEO of Virginia529, the agency that administers the national ABLEnow program. People of any age who developed a qualifying disability before age 26 can save in an ABLE account without affecting their eligibility for certain government benefits. Claim the Saver's Tax Credit by filing IRS Form 880 with your tax return. For more details, see this article. Read about additional credits and deductions for the 2020 tax year in this March 2021 U.S. News & World Report article.
April 2024 Is Food a Qualified Disability Expense? The Social Security Administration clarified that food is considered a qualified disability expense for ABLE accounts.
