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What can I do with my Arkansas ABLE account?

With your Arkansas ABLE account you will have a Fifth Third Bank checking option. You can contribute to an FDIC-insured checking account that lets you withdraw money using a debit card. So you can easily use your funds for everyday expenses. Locate ‘partner’ ATM’s with Fifth Thirds Bank.

How much can you contribute to an Arkansas ABLE account?

However, Arkansas law allows for state income tax deductions of up to $5,000 per individual for contributions made to an Arkansas ABLE account. Anyone can contribute to an individual’s ABLE account, up to $16,000 in any given tax year.

Are contributions to an Arkansas ABLE account tax deductible?

Contributions to the account made by any person (the account beneficiary, family and friends) will be made using post-tax dollars and will not be tax-deductible on the federal level. However, Arkansas law allows for state income tax deductions of up to $5,000 per individual for contributions made to an Arkansas ABLE account.

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