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Retirement tax questions
Contributions to an ABLE account are not tax-deductible, but all investment earnings remain untaxed as long as money taken from the account is used for "qualified disability expenses." Consequently, there's no place on the federal or Virginia return to enter contributions.
Such expenses include, among other things:
Such expenses include, among other things:
- Medical treatment
- Education, tutoring and job training
- Special-needs transportation
- Assistive technology
- Housing
- Legal and administrative fees
‎June 6, 2019
12:46 PM