ABLE Accounts were created after the passage of The Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act (Division B of PL 113- 295). They are an investment account similar to a 401(k) or a 529 college savings account. Contributions to ABLE accounts are made on an after-tax basis, and earnings from ABLE funds grow tax-deferred and are tax-free if used for qualified disability expenses. Anyone can contribute to an ABLE account, including the account owner, an employer, family members, and friends. Contributions to an ABLE account are not tax-deductible, but some states may allow state income tax reductions for contributions to an ABLE account. The individual with a disability is the owner of the account, but legal guardianship and powers of attorney do permit others to control ABLE funds if the owner is unwilling or unable to manage the account.