File photo: a young girl wears a "Make America Great Again" hat. Tom Williams/CQ Roll Call via AP What to Know. The MAGA account proposed in the bill is a tax-advantaged savings option and can be ...

Depending on where you work, you might have access to other options, such as a 457(b) or the 403(b). A 457(b) is "for employees of state and local governments as well as some tax-exempt ...

And while the IRS doesn’t offer a special tax credit for children with special needs, ... even if savings in an ABLE account exceed $2,000.

The savings account is a small part of a massive bill that currently suggests tax cuts of $4.9 trillion to aid tipped workers and those working overtime, as well as retired Americans.

MSAs and HSAs are both tax-exempt savings accounts. HSAs are associated with non-Medicare private insurance plans, while MSAs are linked to Medicare Advantage (Part C) plans.

Retirement income isn't taxed in 13 states — meaning residents can avoid paying taxes on distributions from their 401(k), IRA and pension payouts. In even more states, Social Security payments ...