Consider Rolling It Over to IL ABLE. Here’s Why.
If you live in Illinois and opened an ABLE account for yourself or a loved one in another state’s ABLE plan, you may be missing out on some of the benefits offered by IL ABLE. For example, if you are an Illinois taxpayer and you contribute to any IL ABLE account, you may be able to take a state income tax deduction. Learn more here.
Also, you don’t have to live in Illinois to open an IL ABLE account. Any eligible individual may open an IL ABLE account regardless of which state they live in. However, before enrolling, please check your state’s ABLE plan to see whether there are tax or other advantages to opening an account in your state.
It’s easy to roll over an ABLE account in another state’s ABLE plan to an IL ABLE account, and there are no fees or penalties to do so. Start by reading below and then complete the Illinois ABLE Income Rollover Form.
- You can roll over your account from another state’s ABLE plan to an IL ABLE account at any time.
- An Account Owner may only have one ABLE program nationwide. Therefore, once you open the IL ABLE account, you will have 60 days to roll the funds out of, and close, your other ABLE account. Call Customer Service at 888-609-8683 for help or guidance with this process.
- Account rollovers are limited to once every 12 months.
- Once you have moved your money into an IL ABLE account, please make sure you read about the tax benefits for account owners who live in Illinois. What You Need to Know About Illinois ABLE Contributions and Tax Deductions
Explore how an IL ABLE account can help you save for qualified disability-related expenses.
- Visit the IL ABLE website
- Review the Plan Disclosure Booklet
- Explore IL ABLE Investment Options
- Open an IL ABLE Account
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.
For more information about IL ABLE, check out our FAQ’s or contact Customer Service at 888-609-8683, 8 am – 5 pm, CT, Monday through Friday.