Contribute up to $17,000 to an IL ABLE Account
Starting January 1, 2023, the Annual Contribution Limit for ABLE accounts increased to $17,000 from the previous limit of $16,000. This amount includes contributions for all sources including 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 $17,000 per year.
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Working Account Owners can save more! 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 for the previous year, whichever is lower. Learn more about IL ABLE & Working Account Owners at illinoisable.com or read the Save More with ABLE to Work article.
For more information about IL ABLE visit illinoisable.com and read the Plan Disclosure Booklet.