What kind of benefits do I get?

One of the main benefits of having a STABLE account is being able to save for qualified expenses and invest for the future in a tax-advantaged account. 

Earnings on your STABLE Account grow free of federal and West Virginia state income taxes. The earnings remain tax-free even when you withdraw them, so long as you spend the money on Qualified Disability Expenses.

If you are a West Virginia resident or taxpayer, you may take a state income tax deduction equal to your total contributions to a WVABLE account for the year. Deductions for contributions are allowed for each designated beneficiary and excess deduction may be carried forward for up to five years.

Contributions are not tax deductible on your federal tax return, but the designated beneficiary's own contributions may be eligible for a federal Saver's Credit.

You should consult a qualified tax advisor about how the laws apply to your circumstances, and a qualified benefits advisor as to how a STABLE Account, and withdrawals from such account, may affect any means-tested federal or state benefits for which you may otherwise be eligible.

Your Supplemental Security Income (SSI) will not be affected as long as the account balance stays below $100,000. Other federally means-tested benefits are not affected regardless of the amount saved in the account. You’ll also get access to a simple and intuitive online platform to manage your account.