Category: Bridges Resource Library

Updated as of January 18, 2024. Annual Limit All ABLE accounts have an annual contribution limit ($18,000 in 2024). You may contribute less than this amount, but you may not contribute more in a single year. This amount is tied to federal gift tax exemption, and it does increase by $1,000 every few years. Special […]

Updated as of January 18, 2024. Qualified Disability Expenses (QDEs) ABLE account funds can be spent on a wide variety of items, such as: Expenses that fit into any of these categories are considered qualified disability expenses (QDEs). ABLE account distributions for QDEs are tax-free and do not affect SSI eligibility. Getting Money Out of […]

Updated as of January 18, 2024. Eligibility for an ABLE account requires the following: Age of disability onset Disability Authorized to open the account More About ABLE Accounts Comprehensive post: All About ABLE Accounts Individual topics Contact the Bridges Helpdesk for More Information This unique project is being coordinated through The IMAGE Center of Maryland, […]

Updated as of January 18, 2024. Savings Without the Loss of SSI and Other Benefits There are very specific rules for SSI eligibility regarding both income and resources. Distributions from ABLE accounts are generally excluded for SSI income, and funds in ABLE accounts (up to $100,000) are generally excluded from SSI resource limits. For more […]

Updated as of January 18, 2024. ABLE stands for Achieving a Better Life Experience. ABLE accounts are specifically designed to allow qualifying individuals with disabilities to save money without losing eligibility for government benefits. ABLE accounts provide an inexpensive and uncomplicated way to save funds for many individuals with disabilities. Before ABLE accounts became available, […]