FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- Can I close and transfer my ABLE for ALL Savings Plan to a different ABLE account?
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Yes, but you can make only one rollover every 12 months. Use the ABLE plan's rollover forms to start the process.
- Can I transfer an existing ABLE account into my ABLE for ALL Savings Plan?
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Yes, you can use the ABLE to ABLE Rollover Form to get started. Keep in mind that you can only make one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.
- Does my location matter?
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No. An ABLE for ALL account is available nationwide to eligible U.S. citizens.
- What type of disabilities qualify for an account?
- Any disability that qualifies for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) or blindness that developed before the age of 26 is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on... Read more
- Am I eligible for an ABLE account?
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If you developed a disability or blindness before the age of 26 and are eligible for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits, or have a signed Diagnosis Form from a licensed physician, you can open an ABLE account.
- Who can have an account?
- Anyone with an eligible disability or blindness (as defined by the Social Security Act) who was diagnosed before the age of 26 can have an ABLE account. If you’re over 18 years old, you can open your own account; if not, an Authorized Legal Representative can do it. Either way, you can have only... Read more
- 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,... Read more
- 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... Read more
- What happens to my state and federal benefits?
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Your ABLE account grows up to $100,000 without affecting your Supplemental Security Income (SSI) benefits. Other federal benefits are not affected, regardless of the balance in the ABLE account.
- 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... Read more
