A Message from Missouri State Treasurer Eric Schmitt
Welcome to the Missouri Achieving a Better Life Experience (ABLE) Program website.
More than 800,000 Missourians (and their families) live with a disability. On a daily basis, these individuals face challenges that those without disabilities will never know. Not the least of those challenges is the economic costs of living with a disability, from the greater health care costs to assistive technology that helps workers with disabilities fully access the workplace.
But soon Missouri will be able to assist families and individuals in meeting, and planning for, the financial difficulties of living with a disability.
Enacted in 2015, the Missouri Achieving a Better Life Experience Program allows qualifying individuals to open tax-advantaged accounts used to pay for the specific costs of living with a disability. The accounts are tax advantaged because, when used for a qualified expense, the money in a Missouri ABLE account is not taxed at the federal or Missouri level. This means that money in a Missouri ABLE account can be deposited, invested, grown, and properly used all without any tax consequence. In this way, the Missouri ABLE Program will help Missourians with disabilities just as MOST—Missouri’s 529 College Savings Plan has helped thousands of families save for the costs of college.
Moreover, the Missouri ABLE Program offers an additional and significant tax benefit for this State’s residents. Besides enjoying tax-free growth, Missourians who choose the Missouri ABLE Program can earn a state income tax deduction: when reporting their adjusted gross income to the State, Missouri residents may deduct up to $8,000 per participant ($16,000 if married and filing jointly).
The Missouri ABLE Program is overseen by the Missouri ABLE Board (“Board”), reflecting broad experience in State government, health and senior services, and management of public funds. As the Missouri State Treasurer, I chair the Board. Together, it is our job to develop and implement the Missouri ABLE Program, ensuring that it is properly administered for its participants.
I am excited about the Missouri ABLE Program and the benefits that it offers those with disabilities and their families. I encourage you to sign up for email notifications to stay informed about the Missouri ABLE Program’s progress.
Eric S. Schmitt
Missouri State Treasurer