Question 75 of 100.

Which of the following is TRUE about Achieving a Better Life Experience (ABLE) accounts?

Contributions are deductible on the federal tax return.

Each donor may contribute up to $20,000 to the ABLE account of a beneficiary with no employment income. If the donor is married, the spouse may also contribute up to $20,000.

Distributions are tax-free when used to pay qualified disability expenses.

They must be established before the designated beneficiary reaches age 30.