Questions & Answers

What is a Nebraska Enable Savings Plan?

A Nebraska Enable Savings Plan is Nebraska's Achieving a Better Life Experience (ABLE) account. An ABLE account is a tax exempt savings account for those with disabilities. If the funds are used for qualified disability-related expenses, the distributions will be tax exempt.

Any individual can contribute to up to $15,000 to an ABLE account per year. Nebraska allows a subtraction for these contributions of up to $5,000 for married filing separately filers, and $10,000 for any other filers.

You can't deduct contributions made to other states' ABLE savings plans.

If an individual withdraws funds or closes their Nebraska Enable Savings Plan account for a nonqualified purpose, the amount previously claimed as a deduction needs to be included in income.

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