Contributions Made Before Year-End May Qualify for IL Tax Benefit
By contributing to an IL ABLE account, both your loved one with a disability and you may share in the happiness! Why? Because any Illinois taxpayer who contributes to any IL ABLE account at any time during the year may be able to take an Illinois State Income tax deduction for that year. Happiness!
Always consult with your tax advisor about your own situation, but generally Illinois taxpayers who contribute to an Illinois ABLE account can take a deduction of up to $10,000 for individuals and up to $20,000 for married couples filing jointly on their Illinois state income tax returns.
It’s important to remember that the annual contribution limit into an IL ABLE account is $15,000 total, from all sources. We have been asked, “How is it possible for an Illinois couple, filing jointly, to contribute $20,000 to an IL ABLE account?” The answer is that they can contribute to more than one IL ABLE account.
Before taking advantage of the IL ABLE tax deduction, consult with your tax advisor.
For more information on any of these options, contact Customer Service at 888-609-8683, 8am – 5pm, CT, Monday through Friday.
For more information about Illinois ABLE, read our FAQ’s.
Are you ready to open an Illinois ABLE account? Click here to get started!