The ABLE to Work Act, effective January 1, 2018, revised the Internal Revenue Code applicable to ABLE accounts to permit eligible employed beneficiaries to save more in their ABLE accounts.
Not only has the yearly contribution limit for ABLE accounts gone up to $15,000 for 2018, but now beneficiaries who are employed can contribute an amount equal to their current year gross income up to an additional $12,060 each year to their ABLE accounts thanks to the ABLE to Work Act.
To make an ABLE to Work contribution, please use the Contribution Form. You’ll be able to do this online soon.
If the beneficiary or their employer is contributing to a defined contribution plan (401K), annuity plan (403(b)), or deferred compensation plan (457(b)) this calendar year, the beneficiary is not eligible to make ABLE to Work contributions.