Okay, so we know we always say that our episodes are something special, but this truly is. This is our first sponsored episode (wooooo!) and it’s about something that is extremely important for every disabled person in the United States to know about. We’re going to be talking finances, ABLE accounts, and ABLEnow.
What are ABLE accounts?
Per the ABLE National Resource Center:
ABLE Accounts, which are tax-advantaged savings accounts for individuals with disabilities and their families, were created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. The beneficiary of the account is the account owner, and income earned by the accounts will not be taxed. Contributions to the account, which can be made by any person (the account beneficiary, family and friends), must be made using post-taxed dollars and will not be tax deductible for purposes of federal taxes, however some states may allow for state income tax deductions for contribution made to an ABLE account.
Essentially, they’re a super nifty financial product that many Americans with disabilities can use to save money. Money in your ABLE account allows you to have over $2,000 in assets if you’re on SSI or other types of government assistance.
What is ABLEnow?
Per ABLEnow‘s website:
ABLEnow accounts help individuals with disabilities save money to pay for qualified expenses, without being taxed on the earnings – and in most cases, without losing eligibility for certain means-tested benefit programs.
ABLEnow is Virginia’s implementation of the ABLE Act. And fret not, we can hear you from all the way through the internet: “But I don’t live in Virginia!” That’s okay. Opening an ABLEnow account does not require Virginia residency.
ABLEnow accounts can also be a great option, even if you do not receive any government assistance or benefits. We talk about all of that in this incredible episode.
But wait, there’s more!
ABLEnow is giving away $500 in a brand new or existing ABLEnow account! Yeah, you read that right. All you have to do is go to www.able-now.com/stall to see if you’re eligible and to enter!
Some info about the giveaway:
- The contest is open to people who have an ABLEnow account, as well as people who don’t have an ABLEnow account.
- If you win, you must open an ABLEnow account to get the $500 prize. (If the winner is not eligible for an ABLE account, then they can gift the $500 to someone who has an ABLEnow account.)
- A link to the contest terms and conditions is available on the entry page. A winner will be selected on or about January 3.