In a year of increasing inflation, more people plan to give cash over a traditional present this holiday season, according to a new survey from MassMutual.
It is all the more reason for Oklahomans with disabilities to open a STABLE Account, if they do not already have one.
 
A STABLE account is an investment account available to eligible individuals living with disabilities that allows them to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, Supplemental Security Income (SSI), or Social Security Disability Income (SSDI).
 
Earnings in a STABLE account are not subject to federal income tax, so long as the account holder spends them on qualified disability expenses, like basic living expenses, housing, transportation and personal support services. Setting up a STABLE account through Oklahoma STABLE (OKSTABLE) takes as little as 10 minutes and an initial deposit of $25.
 
OKSTABLE account holders can save money in a cash option and/or invest it. Those who opt to invest, must put at least 10% of funds in the investment option. There are minimal costs associated with maintaining an OKSTABLE account, including a $3.25 per month fee and a small asset-based fee of between 0.19% and 0.33%, depending on the account-holder’s chosen investment options.
 
Qualified Oklahomans with disabilities receiving SSI, can have up to $100,000 in an OKSTABLE account without it counting towards the $2,000 asset limit. SSI benefits will be suspended for those who choose to exceed the $100,000 limit, but they are still eligible for all other benefits, such as Medicaid. Once their balance drops below the limit, SSI benefits will resume as normal.
 
Not only is an OKSTABLE account a gift to help Oklahomans with disabilities to save, it can also pay off for the giver.
Contributions to OKSTABLE accounts are state income tax deductible, up to $20,000 per year for joint tax filers and up to $10,000 per year for those filing as single.
 
OKSTABLE has helped Oklahomans with disabilities to achieve greater independence and financial security, which is an amazing to gift to give at any time of the year.
To learn more about opening an account or giving, visit okstable.org.
 
Representative Ellyn Hefner, D-Oklahoma City, serves District 87 in the state House. 
 
 

 

 
 
 

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