- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
For MiAble contributions, are they tax deductible on the Federal Tax return?
Contributions to an MiAble account, an account that the funds are used for a disabled individual , are tax deductible on the State of Michigan Income Tax Return. Are they also an allowed as a deduction on the Federal 1040 return?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
For MiAble contributions, are they tax deductible on the Federal Tax return?
Contributions to an ABLE account are not tax-deductible on the federal return but may qualify for a savers credit according to this Turbo Tax link.
Michigan however will allow contributions up to $5,000 for a single return and up to $10,000 on a joint return.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
For MiAble contributions, are they tax deductible on the Federal Tax return?
Contributions to an ABLE account are not tax-deductible on the federal return but may qualify for a savers credit according to this Turbo Tax link.
Michigan however will allow contributions up to $5,000 for a single return and up to $10,000 on a joint return.
**Mark the post that answers your question by clicking on "Mark as Best Answer"