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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?

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Employee Tax Expert

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.

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Employee Tax Expert

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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