Total annual contributions allowed to your IL ABLE Account are now $16,000
Starting January 1, 2022, the annual contribution limit to an ABLE account has increased to $16,000 from the previous limit of $15,000. This amount includes all contributions from Account Owners, family members, friends and other third parties. Anyone can contribute to an IL ABLE account, as long as total contributions do not exceed the $16,000 per year. Read about this change in disability scoop article or visit the IL ABLE website.
Also, remember that by taking advantage of ABLE to Work you can save more than the $16,000 annual contribution limit. Working Account Owners who do not already participate in an employer-sponsored retirement plan can contribute an additional amount equal to gross wages for the year or the poverty guidelines amount, whichever is lower. Find quick answers to your IL ABLE questions with IL ABLE FAQs