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.
Both the earnings from your STABLE account and the money withdrawn for qualified disability expenses are tax free. South Carolina residents and taxpayers may also deduct 100% of their contributions to a STABLE account on their South Carolina state income tax return, up to the annual maximum contribution allowed by the Plan.
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.