Where can I change my password or set up multi-factor authentication?

Once you log in, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to Login settings. From here, you can make any changes to your account that have to do with your login credentials.
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Who is Sumday?

Vestwell State Savings, LLC, dba Sumday Administration, is the plan manager for the ABLE for ALL Savings Plan and provides the online platform for the ABLE account. Vestwell Holdings, Inc. is backed by some of the world’s largest financial institutions, and is committed to improving lives through investing — while staying true to Vestwell’s commitment to help close the savings gap that exists today. For more information, check out the Plan Disclosure Booklet and Participation Agreement.
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What is ABLE to Work?

The ABLE to Work Act, effective January 1, 2018, revised the Internal Revenue Code applicable to ABLE accounts to permit eligible employed beneficiaries to save more in their ABLE accounts.Over and above the standard Annual Contribution Limit ($18,000 in 2024), a working beneficiary is allowed to contribute an additional amount up to the lessor of: (i) the beneficiary’s compensation for the current tax year; or (ii) an amount equal to the Federal Poverty Level for a one person household as determined for the calendar year preceding the tax year in which contributions are made ($14,580 for contributions made in 2024).You can make an ABLE to Work contribution online or by using the Contribution Form.If the beneficiary or their employer is contributing to a defined contribution plan ...
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What happens if the beneficiary is no longer eligible for an account?

If a beneficiary no longer meets eligibility requirements, they no longer qualify for an ABLE account and they (or their account manager) should sign into their account’s settings and update their eligibility. Their account will remain open and they can continue to use the account until the end of the year. After the end of the year, they stop being eligible, no new contributions (including automatic transfers) will be allowed, and account withdrawals will be treated as non-qualified withdrawals. The savings portion of non-qualified withdrawals is subject to income taxation and a 10% federal penalty, and non-qualified withdrawals may affect eligibility for Supplemental Security Income (SSI) and other federal benefits. The account will close if all the money is withdrawn. If the ...
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How do I change my address?

If you’re the beneficiary of an account, or an Authorized Legal Representative (ALR), you can update your address directly from your profiles, 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 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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Do I have to pay taxes on my account?

As long as the money in your ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes. If a purchase doesn’t qualify as an eligible expense, you’ll have to pay taxes and a 10% penalty on the amount. If you want to know more about the IRS regulations, you can find info here.
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How is this different from a Special Needs Trust or Pooled Trust?

An ABLE account won’t replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people with disabilities and their families more options.With an ABLE account: There are fewer expenses than setting up a trust.The beneficiary owns the funds and can access them for eligible expenses.Earnings are tax-free advantaged.There’s a yearly limit of $18,000 in 2024 and a lifetime maximum of $400,000.Funds can be used for housing without affecting benefits.With a Special Needs Trust or Pooled Trust: You have to set up a trust.The beneficiary has to get approval of the trustee to receive a disbursement.The earnings are taxed at trust rates.There are no limits on contributions or balances.Amounts in a Third-Party Special Needs Trust are generally ...
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What is the ABLE for ALL Savings Plan?

The ABLE for ALL Savings Plan is a plan available to U.S. citizens nationwide to help those living with eligible disabilities save for qualified expenses and invest for the future in a tax-advantaged account ‒ without losing federal and state benefits (like SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.).
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What is the ABLE Act?

Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medicaid, and others for their living and basic needs, but even those benefits can be limiting. Those receiving much needed benefits, like SSI, are restricted to having only $2,000 in assets, which means they are probably pinching pennies to get by. The Stephen Beck Jr, Achieving a Better Life Experience Act, known as the ABLE Act, was passed by congress in 2014 to help people save for the costs of living with a disability and invest for the future in a tax-advantaged investment account without losing benefits.  
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