Lisa would like to create and fund an Achieving a Better Life Experience $($ABLE$)$ account for the benefit of her nephew, Sawyer. Sawyer meets all requirements to be abeneficiary of an ABLE account. He does not have a job, and he did not earn any income from wages during the year.

What is the maximum amount Lisa may contribute to Sawyer's account for $2024?$

Student loans insured or guaranteed by the United States that are discharged after December $31,2020,$ and before January $1,2026,$ are:

Excluded from taxable income.

Included in taxable income unless the borrower has filed for bankruptcy.

Taxed at a reduced rate.

Excluded from taxable income only if the borrower meets a specific exception