ABLE contributions count with no end date, other retirement savings only through 2026
What the document says“The term `qualified retirement savings contributions' means, with respect to any taxable year, the sum of--”
The section rewrites section 25B(d)(1) of the Internal Revenue Code of 1986 so that qualified retirement savings contributions are the sum of what the eligible individual pays into the ABLE account of which the individual is the designated beneficiary, plus, only for a taxable year beginning before January 1, 2027, qualified retirement contributions under section 219(e), elective deferrals under section 402(g)(3), elective deferrals under an eligible deferred compensation plan under section 457(b), and voluntary employee contributions to a qualified retirement plan under section 4974(c).
What the document actually says“The term `qualified retirement savings contributions' means, with respect to any taxable year, the sum of--”
The term covers a sum of amounts. The list that follows says what goes into it.
Money paid into an ABLE account always counts. Other savings count only through 2026. An ABLE account is a savings pot for a disabled person.
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