NY starts new tax-free savings accounts for the disabled | WXXI News

The state comptroller has announced that New York is joining 28 other states in offering a program that will help parents with disabled children save money for their future.

The program is modeled on the college savings program, which also is operated by the comptroller’s office. It allows an account to be set up in the name of any New Yorker who is diagnosed with a disability before the age of 26.

Friends and relatives can contribute up to $14,000 a year for a total of $100,000, and the money can be used tax-free to help pay for the disabled person’s education, housing, transportation and other expenses.

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