Missouri Developmental Disabilities Council Resources MO ABLE Program

MO ABLE Accounts are made possible by the Achieving a Better Life Experience (ABLE) Act that allows individuals with disabilities the ability to save without losing federal government benefits such as Medicaid or SSI. Please see the attached flyer for more information or visit www.moable.com.

An Introduction to the MO ABLE Program

About the MO ABLE Program

  • ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families.
  • In June 2015, then-Senator (now-Treasurer) Eric Schmitt passed legislation in Missouri to help individuals with disabilities achieve financial stability.
  • Since then, the Treasurer’s Office has been working to implement ABLE in Missouri.
  • Missouri has partnered with 10 other states to offer ABLE accounts with the STABLE Accounts program, which are one of the nation’s lowest cost and highest service plans.

Who is Eligible

  • Eligibility is dictated at the federal level. A person is eligible if he or she is:
    • Entitled to social security benefits as a result of disability or blindness that occurred before he or she turned 26; or
    • Has medical documentation showing that he or she became blind or had a severe and functionally limiting disability before the age of 26.

Tax and Other Advantages

  • Contributions to MO ABLE are post-tax dollars, but contributions may be tax deductible on a Missouri tax return ($8,000 for an individual, $16,000 for a married couple filing jointly).
  • Account owners will not pay federal or state income taxes on the money withdrawn to pay for qualified disability expenses.
  • The total annual contribution limit by all participating individuals, including family and friends, for a single tax year is $15,000.
  • Funds may be withdrawn for “qualified disability expenses,” which may include education, housing, transportation, employment training and support, assistive technology, personal support services, or health care expenses.
  • MO ABLE participants will have the option of a loadable debit card to assist with financial independence.

Other Items

  • Treasurer Schmitt has partnered with advocacy groups, businesses, schools, government offices and others around the state to ensure a successful launch.
  • MO ABLE has been one of the most successful ABLE programs in the nation.

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