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?
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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.
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.
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