Did you know that if you are working, your Illinois ABLE account (Achieving a Better Life Experience) can work even harder for you?
That’s right! ABLE account owners who work can contribute even more each year to their Illinois ABLE account without losing federal means-tested benefits.
The federal ABLE to Work Act was signed into law in December 2017. Beginning 2018, ABLE account owners who work and who do not participate in an employer-sponsored pension plan can contribute an additional amount above the $15,000 annual contribution limit, (up to the higher of their gross wages or the poverty limit for a one-person household, which is currently $12,060).
So, if you are working, the total annual contribution that can be made to your Illinois ABLE account for 2018 could be as high as $27,060 depending upon how much you earn.
Just as with keeping other records for tax purposes, you or your Authorized Individual should keep a record of your wages, such as a copy of your W-2.
An Illinois ABLE account encourages working and saving by individuals with disabilities and can help you reach for and achieve your personal American Dream.
To enroll in Illinois ABLE, visit il.savewithable.com.