Because ABLEnow is the Virginia-sponsored ABLE savings program, there are special tax advantages for Virginia taxpayers.
In Virginia, earnings grow free from both federal and state taxes. Virginia also offers an annual state income tax deduction of up to $2,000 per contributor for contributions to an ABLEnow account.
Generally, funds in an ABLEnow account are disregarded when determining eligibility for certain federal benefits. For Virginians, ABLEnow accounts are disregarded when determining eligibility to receive disability benefits provided by the Commonwealth of Virginia too. For these details, please see our Frequently Asked Questions.
Eligible individuals may open an ABLE account in any state, but may only have one ABLE account. With these benefits, ABLEnow offers unique value for Virginians.