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 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
- Can I use funds to pay for housing or rent?
- Yes, you can use the money in your ABLE for ALL account to pay for housing expenses. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8. If you’re eligible for Supplemental Security Income (SSI), please note that money withdrawn from your ABLE account must be used... Read more
- What is considered a “qualified expense”?
- Most expenses related to the costs associated with living with a disability qualify as an eligible expense. The expense must simply help maintain or improve the health, independence, or quality of life of the person living with a disability. Some of the most common qualified expenses as defined by... Read more
- Does having an ABLE account affect my other benefits?
- No. When saving with an ABLE account, you can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.). There is a maximum value of $400,000 for each ABLE account, at which point you can still accrue earnings, but you won’t be able to make additional... Read more
- What are the benefits of an ABLE for ALL account?
- The ABLE for ALL Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. When you make contributions to an ABLE for ALL account, your money has the chance to grow and earn interest, tax-free. And unlike many other investment... Read more
- What are the fees associated with an account?
- The ABLE for ALL Savings Plan aims to keep investment fees relatively low and waive any additional recurring fees when you manage your account online—the easiest and simplest way to manage your account. There is a low annual fee of $35 to keep everything running smoothly. There is also an annual... Read more
- Are there age restrictions to open an ABLE account?
- To open an ABLE account, you must be an adult with a qualifying disability or blindness that developed before the age of 26. Your current age doesn’t impact your eligibility to open an account. Please note, with the passage of new federal legislation, the age of onset for disability will be raised... 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 open an ABLE for ALL account?
- The easiest way to create an ABLE for ALL Savings Plan account is to do so through our secure online portal. You’ll need about 15 minutes and $25 to get started. You (or your Authorized Legal Representative) will need to provide some basic information, including your full name, contact information,... Read more
- Does the Authorized Legal Representative (ALR) own the account with the beneficiary?
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No. Regardless of who opens the account, the ABLE for ALL account beneficiary is the sole owner of the funds.
