PA ABLE Benefits
This comparison chart illustrates a few important benefits for Pennsylvanians which are exclusive to PA ABLE.
This video covers some important features and benefits of PA ABLE.
- Owe no federal or Pennsylvania income tax on saving’s growth when held in the account (tax deferral).
- Take withdrawals for “qualified disability expenses” and no federal or Pennsylvania income tax is owed (tax exemption).
- Entire account (savings and growth) is exempt from Pennsylvania inheritance tax.
Pennsylvania Residents: Open A PA ABLE Account - Get Exclusive Benefits
- Deduct PA ABLE contributions up to $16,000 per year from Pennsylvania taxable income (only contributions to PA ABLE accounts qualify for this tax deduction)
- Protects eligibility for PA health and disability-related benefits
- Protects eligibility for PA student financial aid
- Contributions grow PA income tax free
- Entire account is exempt from PA inheritance tax
- Entire account is protected from creditors of the account owner, beneficiary or contributor
- Account not subject to Medical Assistance (Medicaid) repayment (account owner's estate might be)