Your Easy Guide and Checklist to Open an Illinois ABLE Account Before the Year Ends

Many people with disabilities and their families open Illinois ABLE accounts in December to take advantage of the $15,000 contribution maximum (more for account owners who work) before the year comes to a close.  Plus, starting with the 2018 tax year, Illinois taxpayers can deduct their 2018 contributions to IL ABLE accounts from their state taxable income.

To help you save time in the enrollment process, we’ve created a simple check list of the information or documents you will use to open your Illinois ABLE account quickly and easily:

CHECKLIST: WHAT YOU NEED TO OPEN YOUR ILLINOIS ABLE ACCOUNT

BASIC INFORMATION:  Know who is opening the account for the account owner. 

  1. If you are an adult account owner who is not under guardianship, you can open and manage the account yourself. If you are going to enlist the help of another adult in opening or managing your account, you will need to give that adult authority to do so by signing an Agent Authorization/Power of Attorney (POA). You can download the form at ilsavewithable.com.
  2. If you are the parent of a minor account owner (birth through age 17), you can open your child’s Illinois ABLE account as an Authorized Individual without submitting any documentation.
  3. If you are the guardian of a minor account owner (birth through age 17), OR guardian of an adult account owner you will need to submit copies of your Guardianship of the Estate or other Guardianship documents showing proof that you have the authority to transact in financial matters on behalf of the account owner.
  4. If you are the parent of an adult account owner, you can open the account as an Authorized Individual by submitting a copy of a certificate of birth that includes the account owner’s date of birth and parent’s name(s).

Checklist with red marker and checked boxes.

ACCOUNT OWNER INFORMATION:  The ABLE Account Owner is the eligible person with a disability

  • Legal Name
  • Social Security or Taxpayer Identification Number
  • Birth Date
  • Telephone number
  • Permanent Street Address
  • Account Mailing Address if different than Permanent Street Address
  • Account Owners driver’s license, state issued I.D. Card or Military I.D.
  • Account Owner’s mother’s maiden name (if you will use the checking account option)
  • Email address (if you will be receiving communications and statements electronically)

AUTHORIZED INDIVIDUAL INFORMATION:  For opening/managing an account on behalf of an account owner

  • Legal Name
  • Social Security or Taxpayer Identification Number
  • Birth Date
  • Telephone number
  • Permanent Street Address
  • Account Mailing Address if different than Permanent Street Address
  • Authorized Individual’s driver’s license, state issued I.D. Card or Military I.D.
  • Authorized Individual’s mother’s maiden name (if you will use the checking account option)
  • Email address (if you will receive communications and statements electronically)

christmas loveBANK INFORMATION

  • Bank name
  • Bank routing number
  • Bank account number
  • Type of account – checking or savings
  • Names on bank account if not the Account Owner or Authorized Individual

INVESTMENT OPTION SELECTION:  Visit our investment options webpage and read the Plan Disclosure Documents in advance to plan your savings and investment strategy.  Then select from one, or any combination of these options:

  • Aggressive Option
  • Moderately Aggressive Option
  • Growth Option
  • Moderate Option
  • Moderately Conservative Option
  • Conservative Option
  • Checking Account Option

Once you have the above information ready, visit il.savewithable.com to enroll online OR download and complete the enrollment form and mail it in.  Remember to include any required authorizing documentation and a contribution check or instructions for making contributions to the account.

Your contribution to the account must be received by Illinois ABLE by December 31,2018 in order to count as a 2018 contribution, along with supporting documents.

Questions?  Call Customer service Monday through Friday, 8am – 5pm CT at (888) 609-8683.

Enjoy the increased financial freedom that comes with having an Illinois ABLE account and Happy Holidays!

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