IRS Increases Limit for ABLE Accounts:
Beginning this month, the IRS has increased the annual federal gift tax exclusion. This increase, the result of inflation, also applies to the deposit limit for ABLE accounts.
ABLE accounts, which allow people with disabilities to save money while maintaining eligibility for Social Security and other government benefits, can be used to pay for qualified disability expense (including education, health care, transportation, and housing).
Read the full article for more details and specific limit amounts.
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