FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- Can an ALR and a beneficiary both have an ABLE Prepaid Card?
- If you’re the Authorized Legal Representative (ALR) for someone, you can order a card for yourself to make purchases for the beneficiary, a card for the beneficiary, or both. Each ABLE Visa® Prepaid Card has its own balance and spending controls, so you decide how funds will be used. The... Read more
- Is money on the ABLE Prepaid Card counted as an asset for benefits?
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Just like the funds in your ABLE account, the funds on your ABLE Visa® Prepaid Card do not count as an asset for state or federal benefits.
- Do I have to file separate taxes for each ABLE account?
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Each beneficiary account is treated separately. Every account is subject to a separate $19,000 annual contribution limit (or more if the beneficiary has earned wages for that year), and each ABLE account will receive separate tax documents.
- What is the ABLE Visa® Prepaid Card?
- Simply put, with the ABLE Visa® Prepaid Card you can load a prepaid card with money from your account and use it for eligible expenses whenever and wherever you want — either online or in-store. With the prepaid card you can: Make purchases everywhere Visa is accepted Add funds from your ABLE... Read more
- What is ABLE to Work?
- People with disabilities can save and invest at least $19,000 a year for a wide range of eligible expenses. For those who are employed, they can save even more with ABLE to Work. Workers with disabilities can save an additional amount up to either (1) $15,060; OR (2) the beneficiary’s wages for the... Read more
- Can I roll over a 529 College Savings Plan into my ABLE for ALL account?
- Yes. Changes in the law now allow for money from a 529 College Savings Plan to be rolled over into an ABLE account for that beneficiary, or an eligible family member*, without being penalized. Please note, there is a $19,000 rollover limit, minus the ABLE contributions already made during the... Read more
- How do I make gift contributions?
- It's easy to make contributions to someone else's ABLE for All account. You can make online gift contributions for as little as $5 to as much as $19,000 through a beneficiary’s personal gifting page. Simply ask the recipient to send you their unique gifting URL. Or, you can make offline... Read more
- Are there any fees associated with gifting to a ABLE for All account?
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There is no fee for bank account (ACH) gift contributions and for contributions made via personal check using our offline Gift Contribution Form (PDF).
- How can I request gift contributions to my account?
- Requesting gift contributions from family and friends is a great way to help you reach your savings goals and it couldn’t be easier. Just sign into your account to find your gifting page information and share your unique gifting URL. You’ll be able to customize your page and select where you would... Read more
- What happens if the beneficiary is no longer eligible for an account?
- We recognize that sometimes conditions are considered to be a disability by Social Security, and sometimes they are not. When you no longer qualify for an ABLE account, you should log in to your account dashboard and update your eligibility status from the settings menu. Note: If the beneficiary... Read more
