529 ABLE Savings Accounts Available Now to Individuals, Families with Disabilities
Individuals with disabilities and their family members now have a new way to save and plan for future expenses. New Yorkers can now open a tax-deferred 529 Achieving a Better Life Experience (ABLE) account. The accounts are a savings option for families and money earned through the fund is tax exempt if it is spent on qualified expenses. Similar to the 529 College Savings accounts, contributions to the account may be made by anyone.