STABLE Accounts Offers Tax-Free Savings Plan for Those with Disabilities

Date: 05/06/20

If you or someone you care for received a federal stimulus check through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and are eligible for a STABLE Account, you can deposit those funds into a STABLE Account.

A STABLE Account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid or SSI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on “Qualified Disability Expenses.”

All of the tax advantages of the STABLE Account remain in place for any contributions made into the STABLE Account, including funds from federal stimulus checks deposited into a STABLE Account. Please head to stableaccount.com for more information, virtual learning opportunities and to enroll online. You can also view the STABLE Account Fact Sheet (PDF) for answers to frequently asked questions.