ST. LOUIS (KMOX) – Missourians will be able to take part in a new program that creates tax advantage savings accounts for expenses related to disabilities, on Monday.
Missouri Treasurer Eric Schmitt says the program, titled MO ABLE, closely mirrors “529 college saving plans.”
“In 2014 congress authorized states to, like with college savings, to authorize accounts to be opened for a loved one with a disability, so you can save for the long term needs,” he says.
Schmitt says there are more than 800,000 Missourians living with a disability. For them and their families, this could be a big help, he says.
“There’s peace of mind associated with this too, and you can use that money in that account for qualified expenses, assistive technology or retrofitting your home,” he says.
Missourians who contribute to MO ABLE accounts will be eligible for tax deductions of up to $8,000 or $16,000 depending on how they file.