COLUMBUS (AP) — Contributions to tax-advantaged savings and investment accounts that Ohio offers to eligible children and adults with disabilities have exceeded $100 million.
Republican Ohio Treasurer Robert Sprague said the STABLE Account program his office administers hit the mark this week.
Ohio was the first state to participate when it launched the program in 2016. Since then, over 13,000 accounts have been opened, about 6,000 in-state and 8,000 out-of-state.
Accountholders accumulate money for college, retirement or other purposes without losing eligibility for certain benefits programs, such as Medicaid, SSI and or SSDI.
STABLE Accounts have normal bank accounts’ saving and withdrawal features, while allowing for long-term investments like a 529 college savings account or 401(k). They’re federal income tax-free so long as the money is spent on qualified disability expenses.