Customers May be Eligible for Saver’s Tax Credit ABLEnow customers may be eligible for a tax credit just for making contributions to their ABLE account. Under the 2017 Tax Cuts and Jobs Act, certain designated beneficiaries of ABLE accounts became eligible for the Retirement Savings Contributions Credit (known as the “Saver’s Credit”). Designed to help low- and moderate-income Americans, the Saver’s Credit can be applied to up to $2,000 in ABLE contributions for eligible individuals. The credit can be claimed on IRS Form 880 by individuals who meet the following three requirements: Are at least 18 years old at the close of the taxable year; Are not a dependent or full-time student; and In 2019, have an adjusted gross income of: $64,000 or less as a married joint filer $48,000 or less as a head of household filer $32,000 or less as any other filing status Most tax-preparation software programs will determine eligibility, complete the appropriate forms and apply the savings automatically. Individuals who are eligible to claim the Saver’s Credit may qualify for the IRS Free File program, which offers free online tax software. The Saver’s Credit is a permanent addition to the U.S. tax code, so ABLEnow customers who are unable to take advantage of the credit may want to consult a trusted tax professional for recommendations on maximizing the federal and state tax benefits of an ABLE account.
May 2023 ABLEnow Card Available in Braille The ABLEnow Card is now available in braille for customers who are blind or visually impaired at no charge.
April 2023 What are Qualified Expenses? Use an ABLEnow account to pay for expenses related to health, independence and quality of life.
April 2023 April is Financial Literacy Month Make the most of your money and achieve a better life experience.