What is the total limit on ABLE accounts?

The total limit on ABLE (Achieving a Better Life Experience) accounts is set at a maximum of $15,000 per year for contributions from all sources. Additionally, there is a total balance limit of $100,000 for the account. This means that while individuals can contribute a cumulative total of $15,000 each year, the total balance of the account cannot exceed $100,000 without affecting eligibility for certain government benefits, such as Supplemental Security Income (SSI).

The yearly limit allows account holders to grow their savings to support disability-related expenses while still preserving access to critical benefits. The total caps help ensure that the accounts serve their intended purpose of encouraging saving without potentially disqualifying individuals from essential assistance programs.

Other options do not reflect the current limits set for ABLE accounts; for instance, limits of $10K or $5K per year alongside lower total balances do not align with the established guidelines for ABLE accounts.