Yes. For Alabama state income tax purposes, a deduction is allowed up to $5,000 per taxpayer per year for contributions. This deduction is increased up to $10,000 for married taxpayers filing a joint return where both taxpayers make such contributions. The deduction may include monies rolled over/transferred from another ABLE account.
Once you are ready to open an account, you can do so here online. When opening an Alabama ABLE account, be sure to have information about the beneficiary, qualifying disability, and how the ABLE account will be funded. Learn more about who can open an account and all the benefits of having one — or if you’re ready to get started, open one today!
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