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. The account’s growth is tax-free and you may qualify for a state income tax deduction, depending on where you live, As long as your balance stays below the $100,000 Supplemental Security Income (SSI) limit, you can keep your SSI benefits and still qualify for Medicaid and other benefits (regardless of the amount you saved in your account). You’ll also get access to a simple and intuitive online platform to manage your account.
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What is the Oregon income tax credit? ›

All Oregon taxpayers who contribute to one or more Oregon ABLE Savings Plan accounts can receive tax benefits up to the maximum allowable amount for that tax year. They can receive a state income tax credit up to $340 for joint filers and up to $170 for single filers on contributions made to an Oregon ABLE Savings account. The amount of the credit is based on a taxpayer’s Adjusted Gross Income (AGI). Adjusted Gross Income (AGI) of the contributorPercentage of contributions eligible for tax creditContribution needed to maximize $170 tax credit for single filerContribution needed to maximize $340 tax credit for joint filer Less than $30K100%$170 contribution $340 contribution $30,001-$70K50%$340 contribution $680 contribution $70,001-$100K25%$680 ...
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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 As long as the money withdrawn is used for eligible expenses, it won’t count towards the limit.Don’t forget that all housing expenses must be paid in the same month the money is withdrawn to keep your benefits.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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