Annual Contribution Ceiling for ABLE Accounts Rises and More States Add Programs
The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022. The figure, which is tied to the inflation-adjusted value of the IRS’s gift tax annual exclusion, had been stuck at $15,000 since 2018. Pennsylvania and 45 other states offer ABLE