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. 

Contributions to Oklahoma STABLE are deductible for Oklahoma state income tax purposes. Oklahoma taxpayers may deduct the amount of their contributions to Oklahoma STABLE from their Oklahoma adjusted gross income. Contributions made to Oklahoma STABLE not exceeding $10,000 per participating taxpayer, and not exceeding $20,000 for couples filing a joint tax return, may be deducted in determining Oklahoma adjusted gross income for any tax year. Contributions made up to the tax filing deadline may be deducted from the previous year’s taxes. Any contribution amount not deducted by the taxpayer in the tax year for which the contribution is made may be carried forward for up to five years. Provided, a deduction for the same contribution may not be taken in more than one tax year.

Earnings grow tax-deferred from Oklahoma state income tax. This means that your earnings are not subject to Oklahoma state income tax while they remain in your STABLE Account. Earnings are tax free so long as they are spent on Qualified Disability Expenses.

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.