IRS Increases Limit For ABLE Accounts

From Disability Scoop

"Starting this month, the federal gift tax exclusion increases from $16,000 to $17,000 annually, according to the Internal Revenue Service. The deposit limit for ABLE accounts — a savings vehicle for people with disabilities — is tied to that metric, so it will grow as well.

The rise is the result of inflation and follows a similar uptick in the maximum allowable ABLE account contribution last year."