Contribution Limit for PA ABLE Accounts Increased to $16,000 Due to Inflation
January 20, 2022
Treasurer Stacy Garrity announced that the annual contribution limit for PA ABLE has increased to $16,000, the first increase since 2018. The change comes as a result of changes in the IRS regulations, responding to inflation. The previous limit was $15,000.
PA ABLE accounts offer tax-advantaged savings options to people with qualifying disabilities, so they can save and build assets without affecting eligibility for means-tested federal and state benefits such as Supplemental Security Income (SSI, savings up to $100,000) and Medical Assistance. Savings can be used for disability-related ex...