Indiana taxpayers who contribute to an INvestABLE Indiana Account may qualify for an Indiana state income tax credit of up to 20% of the total contributions made (up to a maximum of $500).
A person is eligible for an ABLE Account if their disability was present before the age of 46, and one of the following is true:
- They are eligible for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) because of disability or blindness as defined by the Social Security Act (SSA).
- They have a medically determinable physical or mental impairment with marked, severe functional limitation that has lasted, or is expected to last, at least 12 continuous months or to result in death, with a written disability-related diagnosis by a physician.
- They have identified their condition on the Social Security Administration’s List of Compassionate Allowances Conditions.
To enter contributions to an Indiana ABLE account in TaxSlayer Pro Desktop, from the main menu of the Indiana return, select:
- Total Credits
- Offset Credits
- Other Credits
- IN ABLE 529A Savings Plan Credit (Schedule IN-ABLE)
Additional Information: