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.
ABLE New Mexico contributions are not tax deductible on your federal or state income tax filings, but a portion of the beneficiary’s own contributions may be eligible for the federal Saver’s Credit.
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.