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
- When is IRS form 1099-QA available?
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The plan administrator must send the 1099-QA by January 31, so you should receive the form no later than early February following the close of the tax year. You will receive it via mail or electronic delivery based on communication preferences.
- What is IRS Form 5498-QA?
- If you make a contribution to your Hawai'i ABLE account, you will receive IRS Form 5498-QA, which is a tax form that details all of the contributions you made throughout the tax year to your account. This form reports ABLE account contributions, rollovers and direct program-to-program transfers in... Read more
- When is IRS form 5498-QA available?
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The plan administrator must send the 5498-QA by March 15, so you should receive the form no later than the end of March following the close of the tax year. You will receive it via mail or electronic delivery based on communication preferences.
- Are there any contribution limits?
- Yes. There's a minimum $25 contribution to open an Hawai'i ABLE 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
- How do I make contributions to my account?
- It’s easy to contribute to your Hawai'i ABLE 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 Hawai'i ABLE 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 Hawai'i ABLE 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 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
- Can I connect more than one bank account or type of account?
- Yes, you can connect more than one bank account and multiple types of bank accounts. While both checking and savings account types can be linked to your Hawai'i ABLE account at the same time, please note, the set-up process requires individually connecting each account. The Authorized Legal... Read more
