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
- What is ABLE to Work?
- People with disabilities can save and invest at least $19,000 a year for a wide range of eligible expenses. For those who are employed, they can save even more with ABLE to Work. Workers with disabilities can save an additional amount up to either (1) $15,060; OR (2) the beneficiary’s wages for the... Read more
- What happens if the beneficiary is no longer eligible for an account?
- We recognize that sometimes conditions are considered to be a disability by Social Security, and sometimes they are not. When you no longer qualify for an ABLE account, you should log in to your account dashboard and update your eligibility status from the settings menu. Note: If the beneficiary... Read more
- How do I set up direct deposits?
- You can contribute to your Hawai'i ABLE account using fast, secure direct deposits from either the Social Security Administration or your paycheck. Complete the setup process in three simple steps: Log in to your Hawai'i ABLE account and click on “Payroll direct deposit” on the Total Balance... Read more
- Are contributions to a Hawai'i ABLE account considered to be an asset?
- The money in a Hawai'i ABLE account is not considered to be an asset for state and federal benefit purposes. This includes SSI, Medicaid, HUD housing assistance, SNAP, FAFSA applications, and more. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the Hawai'i ABLE... Read more
- How do I make withdrawals from my account? How long do they take?
- It’s easy to make withdrawals from your Hawai'i ABLE Savings Plan account online. You can withdraw as little as $5 each time and transfer that money into any bank account linked to your Hawai'i ABLE account. If you have more than one investment, you can decide which investment you’d like to pull... Read more
- Is there a minimum amount to open an account?
- There is a $25 minimum deposit to open a Hawai'i ABLE 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
- Who do I contact for help with SSA direct deposits?
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If you need assistance, please reach out directly to the Social Security Administration team.
To retrieve your direct deposit details — including a unique routing and account number — log in to your Hawai'i ABLE account and click on “Payroll direct deposit” on the Total Balance tile.
- Can I redirect my SSA direct deposits to my Hawai'i ABLE account?
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Yes. To redirect your SSA direct deposits from the account where they are currently connected to your Hawai'i ABLE account, you will need to update your settings on the Social Security website.
- What do I need to do with my IRS Form 5498-QA form?
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Keep this tax form with your records for future reference. You're not required to file it with your tax return.
- What is IRS Form 1099-QA?
- If you make a withdrawal from a Hawai'i ABLE account, you will receive an IRS Form 1099-QA, detailing all the withdrawals you made from your account throughout the tax year. If the money you withdrew from your account was used to pay for qualified expenses, the distributions are not taxable, and... Read more
