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 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 Hawai'i ABLE 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
- Are there any rollover fees?
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Yes, there is a $50 rollover fee for transferring funds out of the Hawai'i ABLE Savings Plan and into a different savings plan.
- Do I have to live in Hawai'i to open a Hawai'i ABLE account?
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Yes, you must be a Hawai'i resident to open a Hawai'i ABLE Savings Plan account. If you aren’t a Hawai'i resident, you might consider opening an account with ABLE for All, a national savings plan run by the state of Oregon that has many of the same features.
- Can I roll over a 529 College Savings Plan into my Hawai'i ABLE 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
- Do I need a Social Security Number to open an ABLE account?
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Yes. You need to have a Social Security Number (SSN) or an Individual Tax ID Number (ITIN) to open an ABLE account. Learn more about the process of getting a or an , on these official government websites.
- Do my ABLE savings affect eligibility for federal financial aid?
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No. Money saved in an ABLE account does not count as an asset on your Free Application for Federal Student Aid (FAFSA). Plus, saving in an ABLE account may be an effective strategy to help you pay for future education expenses.
- Can organizations manage an ABLE account?
- Yes. ABLE accounts make it possible for organizations (like service providers, professional guardians, or representative payees) to act as an Authorized Legal Representative (ALR) and manage multiple Hawai'i ABLE accounts. It is up to the person with a disability to decide if they want an... Read more
- What is the Cash Option?
- The Cash option protects the balance in your Hawai'i ABLE account by putting all your assets (up to $250,000) into an FDIC-insured account, which means the federal government guarantees you will not lose the money you saved. With a low level of risk, there may also be a lower level of returns. The... Read more
- Can I set automatic transfers onto the ABLE Prepaid Card?
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Yes, simply fill out and submit this form.
- How often can I load the ABLE Prepaid Card?
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There is no limit on the number of times you can reload your ABLE Visa® Prepaid Card; however, withdrawals from a Hawai'i ABLE account to any Prepaid Cards may not exceed $5,000 per day and $20,000 per month.
