What kind of benefits do I get?
One of the main benefits of having a STABLE account is being able to save for qualified expenses and invest for the future in a tax-advantaged account.
Arizona residents and taxpayers may deduct the amount of their contributions to an ABLE Account from their Arizona adjusted gross income to the extent the contributions were not deducted in computing Federal adjusted gross income. ABLE contributions including two thousand dollars ($2,000) per beneficiary for a single individual or a head of household, and up to four thousand dollars ($4,000) per beneficiary for a married couple filing a joint return or not exceeding four thousand dollars ($4,000) per beneficiary for a married couple filing separate returns, shall be subtracted in determining Arizona adjusted gross income.
Your Supplemental Security Income (SSI) will not be affected as long as the account balance stays below $100,000. Other federally means-tested benefits are not affected regardless of the amount saved in the account. You’ll also get access to a simple and intuitive online platform to manage your account.