The Tennessee Treasury Department recently announced changes made to the ABLE TN Savings Program
The Tennessee Treasury Department recently announced changes made to the ABLE TN Savings Program.
Achieving a Better Life Experience Tennessee (ABLE TN) is a savings program designed to help Tennessee residents with disabilities put aside money to pay for qualified expenses. These accounts provide the opportunity to save and invest with tax-free earnings to help participants maintain independence and quality of life.
- Maximum annual contribution increased from $14,000 to $15,000
- Account holders may now contribute income earned from employment in excess of annual contribution limit of $15,000 but the account holder cannot also participate in an employer retirement plan; and contributions cannot exceed the Federal Poverty limit (approx. $12,000).
- 529 Account (College Savings) may be rolled over into ABLE account
- ABLE TN accounts are now closed to out-of-state residents
For more information about the ABLE TN Savings Program, please visit their website here: http://www.abletn.gov/
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