Missouri's State Treasurer launched a new program Monday, designed to give Missourians with disabilities financial independence. The new MO ABLE program will allow people with disabilities to invest their money in tax free savings accounts without losing eligibility for federal programs like supplemental security income and Medicaid.
The money invested in MO ABLE accounts will not be subject to federal or state income tax as long as the funds are spent on disability expenses. Missouri State Treasurer Eric Schmitt says, "What this does, is it allows families to save for the long term needs of a loved one with a disability like they would for college, or an individual with a disability would be able to save money."
Mo Able has a website where those interested can learn more, and create an account. It's moable.com.
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