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- How it Works
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Tax Benefits
- Can I roll over a 529 College Savings Plan into my ABLE account?
- Yes, in 2018, Congress passed the ABLE Financial Planning Act, which allows you to roll over money from a 529 College Savings account into a beneficiary’s (or family member’s*) ABLE account without being penalized. There is a $17,000 rollover limit (less the current tax-year ABLE... Read more
- Do I use the same login information if I have multiple ABLE accounts?
Yes, you have only one username (email) and password to log in to all the ABLE accounts you manage for either yourself or your beneficiaries.
- If I manage multiple ABLE accounts, can I transfer fund from one ABLE account to another?
No, you can’t transfer funds from one ABLE account to another ABLE account.
- Do I get additional tax benefits if I contribute to multiple ABLE accounts?
- No, tax benefits for ABLE accounts and 529 plan accounts are aggregated for tax purposes by contributor, not by ABLE account or 529 plan. Anyone who contributes to one or more ABLE accounts or 529 plans with beneficiaries under the age of 21 can receive tax benefits up to the maximum allowable... Read more
- What happens after the death of a beneficiary? Is there a Medicaid payback?
- In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon the beneficiary’s... Read more
- Are contributions considered to be an asset?
The money in the account generally isn’t considered to be an asset for state and federal benefit purposes. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 limit.
- Can someone else access my account?
To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative (ALR) is the manager. If you want to change the ALR for the account, give us a call Monday through Friday, at 1-844-394-2253 from 3am-2pm HST.
- What if I want to close my account?
Simply give us a call and we’ll help you out. Reach us Monday through Friday, at 1-844-394-2253, 3am-2pm HST. We’ll be sad to see you go.
- How do I withdraw money?
- You can make withdrawals of at least $10 at any time online. A transfer can take 2-7 business days to complete, depending on how the money is allocated. If you request a check, a $2.50 fee will be deducted from the check amount. You’ll get the payment in 5-7 business days. If you request a full... Read more
- How do I add money?
- Once your bank account is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month. You can also make a contribution by check. Make... Read more