qualified disability expense

Tax Benefits Of MyRAs and ABLEs

Tax Benefits Of MyRAs and ABLEs

In 2015, taxpayers were introduced to two new tax-friendly savings accounts that are designed for individuals who don’t earn an abundance of income, including low-income families which have members that are both young and disabled. ABLE (Achieving a Better Life Experience), and myRA (my Retirement Account) savings accounts were made available in January and November 2015, respectively. Let’s look at the benefits of the myRA first.