Do I have to file separate taxes for each ABLE account?

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How do I change my address?

If you’re the beneficiary of an account, or an Authorized Legal Representative, you can update your address directly from your profile, accessible through the dashboard. As an ALR, you can manage a beneficiary’s address (where all statements and communications are sent if you select to receive them by snail mail), by editing the account information in the account details. When you update an ABLE account’s address, there’s a 30-day hold for all check withdrawals requested with the Withdrawal Form or by calling customer service. Withdrawals made online are not affected.
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How do gifting limits work?

Gift contributions count towards your standard contribution limit for the year. Friends and family will be prevented from making gift contributions that go beyond the gifting limit you set, but gift contributions could also be capped by contributions you make.For example, if your gifting limit is set to $15,000, but you make a $2,000 standard contribution to your ABLE account, you can only receive $13,000 in gift contributions from friends and family.You'll be prompted to set up a gifting limit when you set up your gifting page.The progress made toward your gifting limit is shown on your gifting page as a percentage. Don’t worry, friends and family can’t see the actual dollar amount you’ve collected. If you don't want anyone to see your progress you can check the "Don't show gifting ...
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How do transfers work?

The next time you make a contribution or a withdrawal, the money will be distributed to help you reach your original target allocation.Let’s say your target allocation is 70% invested and 30% in cash. If you contribute $100 to start off the account, $70 will be invested. Overtime, that investment could grow to be $80. Now, your total balance is $110 and your allocations are 72% invested and 28% in cash, because an investment can grow quicker than cash. In this instance, money will be added to the cash option first to help it go back to 30%, and the rest of the money will be allocated based on your target allocation The same thing happens when you withdraw money. The goal is to maintain your original target allocation.
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When can I get a prepaid card?

You can sign up for the ABLE for ALL Prepaid Card once you have an ABLE for ALL Savings Plan account.  There’s a low monthly fee of $1.25 and no credit check or transaction fees. It’s easy to load and use money from the ABLE account for eligible expenses. Also, you can manage your balance and activity online. For help managing your prepaid card account, check out these frequently asked questions.
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What happens after the death of a beneficiary? Is there a Medicaid payback?

In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon their death and any premiums paid as part of the Medicaid Buy-In Program can be deducted from the balance left. The Medicaid recovery is calculated from the date the beneficiary opened the ABLE account.
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Can someone else access my account?

To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative is the manager. If you want to change the Authorized Legal Representative for the account, give us a call at 1-844-394-2253, 9-8 ET or 1-844-888-2253 for TTY, 9-8 ET.  
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How do I withdraw money?

You can make withdrawals of at least $10 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. With a prepaid card, withdrawing money is even faster. Any funds added before 4 p.m. on a business day will be available that day, otherwise they will be ready on the next business day.If you request a check, a $2.50 fee will be deducted from the check amount.  You’ll get the payment in 5-7 business days.  If you request a full withdrawal, your account will still be open and active, but the balance will be $0 until you add money to it. To close the account for good, give us a call.
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How do I add money?

Once your bank is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month.Checks are also welcome.Make your checks payable to: ABLE for ALL Savings Plan and mail them to:  ABLE for ALL Savings PlanPO Box 9891Providence, R.I. 02940-8091Keep in mind that when you make a contribution, you must wait 10 business days before you can withdraw the money. Additionally, you must wait 20 business days before you can withdraw funds from a gift contribution.
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Can I change how my money is allocated?

You can change the allocation of future contributions up to twice per year.  Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your allocation of future contributions, that counts towards your twice a year limit. Head over to your account and decide how much of your future contributions you want to save in the cash option and/or investment. 
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What’s the difference between an investment and a cash option?

Money saved in a cash option could earn minimal interest. The numbers will fluctuate slightly based on the interest rate of the US capital markets. With an investment, you can choose which portfolio to invest in based on your needs, and there’s a change of your money growing over time. Withdrawals usually take 2-7 business days to complete depending on how the money is allocated.
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What is a cash option?

A cash option is a conservative alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan Disclosure Booklet for more information on FDIC insurance.
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