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?

564

1 Best answer

Expert Alumni

Feb 19, 2020 2:56:29 PM

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.

Expert Alumni

Feb 19, 2020 2:56:29 PM

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.

Why sign in to the Community?

For MiAble contributions, are they tax deductible on the Federal Tax return?