Summertime means fun and sun. Your IL ABLE account can help make it special!
Are you looking to have a great summer? Many IL ABLE Account Owners are considering summer activities and purchases that will help improve health, build independence and, most certainly, increase quality of life. You will need to cover those expenses, and funds contributed to your IL ABLE account– by you, friends or family – may be able to help.
Read More “In the Good Old Summertime”
Did You Receive a Third Stimulus Payment? If you, or loved one with a disability are on SSI benefits and you received any of the three stimulus payments, here is what you must know to protect your benefits and give yourself the flexibility you may need:
Read More “Stimulus Payments, SSI Benefits, and IL ABLE Accounts”
Spring is the time to start investing in a bright financial future by using the easy Ugift contribution option.
Ugift® is an easy-to-use, no-cost way for family and friends to make a contribution directly to your IL ABLE account . How does it work?
First, you the IL ABLE Account Owner (person with the disability) or your Authorized Individual (an adult who is authorized to transact on the account) logs into the IL ABLE account here and accesses unique Ugift® code. Click here to log into your account.
Next, your or your Authorized Individual share that code with friends, family or others who want to contribute to your account.
Next, the gift giver visits UgiftABLE.com and inputs the code to make a direct contribution to your IL ABLE account.
All gift contributions made via Ugift® are deposited directly into your account. If you receive SSI benefits, your friend or loved one’s contribution to your IL ABLE account will help you preserve those benefits. Funds in your IL ABLE account can be used to pay for a long list of qualified disability expenses that can improve yourquality of life and increase your independence. Visit the UgiftABLE.com website for complete information.
Download and print a Ugift® Gift Certificate to mark the holiday gift. Learn more at UgiftABLE.com.
If the contributor to an IL ABLE account is an Illinois taxpayer, contributions may be deductible from state income tax. Visit illinoisable.com for more information.
Find quick answers to your ABLE questions with IL ABLE FAQs
Are you eligible to own an IL ABLE account? Take the Eligibility Quiz.
Tax facts that you should know about IL ABLE.
- If you are an IL ABLE account owner, earnings in, and withdrawals from, your IL ABLE account are federal and state tax-free as long as withdrawals are used for qualified disability expenses.
- If you are an Illinois taxpayer and you contributed to any IL ABLE account in 2020, you may be able to take a deduction from your Illinois state income taxes.
- The Illinois state income tax deduction is up to $10,000 filing as an individual or $20,000 if filing jointly. Check with your tax advisor about your personal tax
- If you owned an IL ABLE Account in 2020, you should have received tax form 5498 (shows contributions) and tax form 1099QA (shows distributions) from your IL ABLE account. If you did not receive the forms and you made contributions or took distributions in 2020, call Customer Service at 888-609-8683.
- For your personal tax questions, consult with a tax advisor.
Have you considered an Illinois ABLE “Achieving a Better Life Experience” account in your financial planning with families who have a child with special needs or for individuals who have disabilities?
Read More “5 Things Financial Advisors Must Know about IL ABLE Accounts”
Banking and bill-paying is so much easier when you can do it from home. You can easily set up online contributions and withdrawals, by taking advantage of the online options offered by IL ABLE.
Go online with Contributions and Withdrawals
Read More “Make It Easier to Contribute and Withdraw IL ABLE Funds by Going Online.”
An IL ABLE account can take away the worry of where to place a Stimulus Payment to protect SSI Benefits and provide flexibility.
Many people with disabilities received a Stimulus Payment this year (also known as an Economic Impact Payment) and are worried about how unspent funds might affect SSI Benefits.
Read More “Are You Wondering How this year’s Stimulus Payment Could Affect SSI Benefits?”
2020 will soon be history! Take advantage now of the benefits of IL ABLE before time runs out.
2020 has been an historic year and will soon come to an end, before it does here are 5 easy steps you can take to fund an IL ABLE account before the year is over.
Read More “5 Reasons to Contribute to Your IL ABLE Account (or open one!) Before 2020 Ends”
Ugift® is an easy-to-use, no-cost way to make a meaningful holiday gift to a loved one with a disability. How does it work?
First, the IL ABLE Account Owner (person with the disability) or the Authorized Individual (an adult who is authorized to transact on the account) logs into their IL ABLE account and accesses their unique Ugift® code.
Next, they share that code with friends, family or others who want to make a contribution to the account.
Then, the gift giver visits UgiftABLE.com and inputs the code in order to make a direct contribution to the IL ABLE Account Owner’s account.
Read More “Give the gift of savings to an IL ABLE Account Owner with Ugift® this holiday season”
You Can Save and Invest Even More in Your IL ABLE Account!
It’s National Disability Employment Awareness Month and here is some good news for IL ABLE Account Owners. Did you know that if an IL ABLE Account Owner worked in 2020, even more can be contributed to the IL ABLE account? Now is the time to take advantage of the extra savings that ABLE to Work makes possible with an IL ABLE account.
Read More “Did You Work in 2020?”