News and Updates from the Illinois State Treasurer's ABLE Plan
IL ABLE was proud to be a sponsor of the Arc of Illinois’ 73rd Annual Convention, Reimagining Expectations, held April 19-20. The hybrid event welcomed nearly 350 in-person attendees and more than 100 people participating virtually. Illinois Treasurer’s Office staff had a wonderful time meeting people and sharing information about IL ABLE Accounts.
Use the funds for education and other disability-related expenses.
Do you have funds in a 529 college savings account that you won’t be using? Consider rolling those funds over into a loved one’s existing IL ABLE Account.
Rolling over funds from a 529 college savings account into an IL ABLE Account is a meaningful way to help a loved build financial resources that they can use to pay for a wide range of Qualified Disability Expenses, including education, health and wellness, housing, transportation, and much more. You can learn more about Qualified Disability Expenses on illinoisable.com.
Read More “Unused 529 Funds in your College Savings Account? Roll them into an IL ABLE Account”
In March, Illinois State Treasurer Michael Frerichs stopped by the Ray Graham Association to meet with some of the disability services organization’s staff, leadership, and clients who are also IL ABLE Account owners. It was a wonderful visit that provided an opportunity to talk about programs like IL ABLE and the importance of financial literacy.
Read More “Treasurer Michael Frerichs Visits the Ray Graham Association”
Financial wellness is important for people with disabilities!
When people with disabilities think about financial wellness, they sometimes concentrate solely on federal benefits, such as SSI and Medicaid. However, there are other things they can also consider when building a strong financial future, such as saving for an emergency or making a budget. The Illinois Treasurer’s Office offers tools that can help people with and without disabilities as they build financial practices and skills. Read on to learn things that might help you during this Financial Literacy Month.
Read More “It’s Financial Literacy Month: Commit – or Re-commit – to Your Financial Wellness”
What you need know about IL ABLE Accounts at tax time.
Tax season is upon us! Here is some important information to keep in mind about your IL ABLE Account when filing your 2022 tax return.
Disability rights leader blazed trails for people with disabilities
IL ABLE honors the life and legacy of disability rights advocate Judy Heumann, who passed away on March 4 at age 75. Judy was a trailblazer for people with disabilities. Widely recognized as the mother of the disability rights movement, she dedicated her life to advocating for the rights of people with disabilities.
More than 2,000 people watched live. If you missed it, now is your chance.
The National Association of State Treasurer’s ABLE Savings Plan Network and ABLE today hosted the Social Security Benefits and ABLE Accounts webinar in February, which featured the Social Security Administration (SSA) and ABLE experts addressing many frequently asked questions about:
Read More “Watch the Recorded Webinar: Social Security Benefits and ABLE Accounts “
Now you can save even more for disability expenses
Great News! As of January 1, 2023, Annual Account Maintenance Fees for IL ABLE Accounts decreased to $33 for Account Owners who receive E-Delivery of statement notifications and $58 for Account Owners who receive paper statement delivery.
Maximizing the benefits of saving and investing with IL ABLE
Did you know that an Account Owner’s contributions to their IL ABLE Account may be eligible for the Retirement Savings Contributions Credit – also known as the Tax Savers Credit?
Contribute up to $17,000 to an IL ABLE Account
Starting January 1, 2023, the Annual Contribution Limit for ABLE accounts increased to $17,000 from the previous limit of $16,000. This amount includes contributions for all sources including Account Owners, family members, friends and other third parties. Anyone can contribute to an IL ABLE Account, as long as total contributions do not exceed $17,000 per year.
Read More “The IRS Raises Annual Contribution Limit for ABLE Accounts”