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Can I open a new ABLE for ALL Savings Plan account if my previous ABLE for ALL Savings Plan was closed?
Yes, log in to your closed account using your email and password, then find the “Create new account” link to get started.
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Can I open a new Hawai’i ABLE Savings Program account if my previous ABLE for ALL Savings Plan was closed?
Yes, log in to your closed account using your email and password, then find the “Create new account” link to get started.
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Can I open and/or manage more than one ABLE account?
Yes, you can have an ABLE account for yourself and/or open and manage multiple ABLE accounts for beneficiaries as their Authorized Legal Representative (ALR). Remember that each ABLE account can be connected to one or more bank accounts. Remember that each beneficiary can have only one ABLE account...
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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...
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Can I set automatic transfers onto the card?
Unfortunately, at this time, you are not able to set automatic transfers onto the card.
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Can I still work and have an account?
Yes. With the ABLE to Work Act you can even contribute up to an extra $13,590 (as of 2023) to your ABLE account if you are working, in addition to the yearly contribution limit of $17,000. Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not...
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Can I transfer an existing ABLE account into my ABLE for ALL Savings Plan?
Yes, you can use the ABLE to ABLE Rollover Form to get started. Keep in mind that you can only make one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.
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Can I use ABLE funds to pay for a vacation?
Yes, a vacation does qualify as an eligible expense as long as it can help maintain or improve the health, independence, or quality of life of the person living with a disability.
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Can I use funds to pay for housing or rent?
Yes, you can use money from an ABLE account for housing expenses. If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like...
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Can money in an ABLE account be recovered in a bankruptcy?
No. The Hawai’i ABLE Savings Program is protected from bankruptcy.
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