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
- Who owns the ABLE for ALL account?
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The money in an ABLE for ALL account always belongs to the beneficiary, regardless of who opened the account. ABLE accounts can be opened and managed by an Authorized Legal Representative (ALR), such as a parent or guardian, however, the money still belongs to the beneficiary.
- How can I roll over the funds in my ABLE for ALL account into another ABLE account?
- We'd be sorry to see you go! You can choose to roll over part or all the funds in your ABLE for ALL Savings Plan account into another ABLE plan by filling out a rollover form from your new ABLE Savings Plan. Keep in mind that if you roll over your entire account balance, your ABLE for ALL account... Read more
- Can I roll over the funds in an existing ABLE account into an ABLE for ALL account?
- Yes. You can choose to roll over part or all the funds in your existing ABLE account into an ABLE for ALL account by filling out the ABLE to ABLE Rollover Form. Keep in mind that you can make only one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the... Read more
- What type of disabilities qualify for an ABLE account?
- Any disability that meets the criteria for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), and 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 the... Read more
- Do I have to pay taxes on my account?
- No. If the money in your ABLE account is used to pay for qualified expenses, it won’t be counted as income for your state or federal taxes. The definition of a qualified expense for ABLE is broad, inclusive of anything that impacts the person with a disability’s health, independence and quality of... Read more
- How is an ABLE account different from a Special Needs Trust or a Pooled Trust?
- ABLE accounts, Special Needs Trusts (SNTs), and Pooled Trusts are all financial tools that can help people with disabilities to save money. The best option depends on your situation and goals. An ABLE account won’t replace a Special Needs Trust or a Pooled Trust. Read on for an outline of some key... Read more
- 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), and Medicaid for their basic needs, but this assistance can be limiting. Those receiving much needed benefits, like SSI, are... Read more
- Where can I change my password or multi-factor authentication settings?
- Once you log in to your ABLE for ALL account dashboard, 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... Read more
- Is there a mobile app for ABLE for All?
- If you already have an ABLE for ALL account, you can download the Vestwell app for iOS or Android and take your account with you on the go. You can make contributions, withdraw funds, share gifting pages, and more. Download the app today, log in using your ABLE for ALL username and password, and... Read more
- How will my gift contribution be invested?
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Any gift contribution to an ABLE for All account is invested based on the preferences and choices of the account owner.
