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
- Are contributions to an ABLE for ALL account considered to be an asset?
- The money in an ABLE for ALL account is not considered to be an asset for state and federal benefit purposes. This includes SSI, Medicaid, HUD housing assistance, SNAP, FAFSA applications, and more. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the ABLE for... Read more
- How do I make withdrawals from my account? How long do they take?
- It’s easy to make withdrawals from your ABLE for ALL Savings Plan account online. You can withdraw as little as $5 each time and transfer that money into any bank account linked to your ABLE for ALL account. If you have more than one investment, you can decide which investment you’d like to pull... Read more
- Are there any contribution limits?
- Yes. There's a minimum $25 contribution to open an ABLE for ALL account, and then any subsequent transactions — including contributions, withdrawals, bank transfers, and gifts — need to be at least $5 each. Individual online contributions are capped at the annual ABLE contribution limit for the... Read more
- Is there a minimum amount to open an account?
- There is a $25 minimum deposit to open an ABLE for ALL account. After that, you can add as little as $5 at a time. You can save money in a cash option, invest, or both. The choice is up to you. If you decide to make an investment, at least 10% of your total funds need to be invested in one of the... Read more
- How do I make contributions to my account?
- It’s easy to contribute to your ABLE for ALL Savings Plan account. You can make online contributions at any time and set up recurring monthly transfers for as little as $5 each time when you connect your bank account. You can also set up payroll direct deposits through your employer. If you prefer... Read more
- How do I set up automatic contributions?
- It’s easy to set up automatic monthly contributions from your bank account (or multiple accounts) into your ABLE for ALL account. You can securely link your account in the online portal and make adjustments to your contributions as needed. Plus, you can contribute as little as $5 each time. Follow... Read more
- How do I manage existing automatic contributions?
- If you need to edit or remove your account’s automatic contributions, simply sign into your account, click the “Transfers” link at the top of the page, and then select “Manage.” You can delete and re-enter a new desired contribution amount and edit the frequency or day of the month the contribution... Read more
- How do I set up Weather Boosters?
- The first of our new Savings Boosters to launch is the Weather Savings Booster. When you opt in, you can make an automatic contribution to your ABLE for ALL Savings Plan every time there's greater than a 50% chance of rain, hail, sleet, or snow predicted in your location according to... Read more
- Are there any restrictions on making a withdrawal?
- Making a withdrawal is easy, however in some cases there are restrictions on how soon you can access the funds in your ABLE for ALL account. Standard contributions made by check, EFT or AIP will be accessible for withdrawal approximately five business days after the deposit. Contributions from... Read more
- What is a non-qualified withdrawal?
- A non-qualified withdrawal is any withdrawal that is not considered a qualified expense, a taxable withdrawal, or a rollover. Apart from these exceptions, the earnings portion (not the amount you contributed) of a non-qualified withdrawal typically is subject to federal income tax and an additional... Read more
