Do I get additional tax benefits if I contribute to multiple ABLE accounts? ›

No, tax benefits for ABLE accounts and 529 plan accounts are aggregated for tax purposes by contributor, not by ABLE account or 529 plan. Anyone who contributes to one or more ABLE accounts or 529 plans with beneficiaries under the age of 21, can receive tax benefits up to the maximum allowable amount for that tax year. Contributions to an ABLE Account with a Beneficiary under the age of 21 are deductible for Oregon income tax purposes up to annual limits. For 2018, the State Tax Deduction is $4,750 for taxpayers filing jointly and $2,375 for single filers. Earnings on contributions of participants are exempt from state income taxation. There is no Oregon state income tax on Qualified Withdrawals or Rollovers.
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Does having an account affect my other benefits? ›

Nope. You can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.) with an ABLE account. If you receive SSI, there is a $100,000 limit before funds start counting against your $2,000 asset limit. As long as the money withdrawn is used for eligible expenses, it won’t count towards the limit.Don’t forget that all housing expenses must be paid in the same month the money is withdrawn to keep your benefits. All other benefits, like Section 8, are protected regardless of the amount saved in the account. 
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What kind of benefits do I get? ›

One of the main benefits of having an ABLE account is being able to save for eligible expenses and invest for the future in a tax-advantaged account. As long as your balance stays below the $100,000 SSI limit, you can keep your SSI benefits and still qualify for Medicaid and other federal benefits (regardless of the amount saved in your account). Other benefits include a prepaid card to use for eligible expenses and a simple and intuitive online platform to manage your account.Best of all, the account grows tax free in addition to receiving state tax benefits for ABLE accounts and 529 plan accounts. For 2016, the deduction is $4,620 for taxpayers filing jointly and $2,310. for single filers. The deadline for 2016 is April 15, 2017. For 2017, the deduction is $4,660 for taxpayers filing ...
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