ABLE accounts, which we have strongly recommended for several years, now have the additional benefit of providing an Illinois state income tax deduction for those who contribute to an Illinois ABLE Plan. We have been advocating for this tax deduction since the federal law creating ABLE accounts was passed in December of 2014. We are happy to see our efforts, and the voices of many other families, reflected in this new state income tax benefit.
If you have questions about the IL ABLE Plan or how the income tax deduction works, please contact us or visit the website for the IL ABLE
Plan: https://savewithable.com/il/home.html. It may take a few weeks for the income tax deduction details to be added to the website, but all contributions to the IL ABLE Plans in 2018 will qualify for the state income deduction.