New Jersey Launches NJ ABLE Tax-Free Savings Program For Individuals With Disabilities

On June 18, 2018, the New Jersey Department of Human Services (DHS) announced that the state launched NJ ABLE tax-free savings accounts for individuals with disabilities diagnosed before age 26. The program originates from the federal Achieving a Better Life Experience (ABLE) Act of 2014. In 2016, the New Jersey legislature passed a law to join the program.

The tax-free NJ ABLE accounts will not be included as an asset or income when determining an individual’s eligibility for state assistance program, or federal assistance programs such as Supplemental Security Income (SSI) and Medicaid. Balances of $100,000 . . .