Use the funds for education and other disability-related expenses.
Do you have funds in a 529 college savings account that you won’t be using? Consider rolling those funds over into a loved one’s existing IL ABLE Account.
Rolling over funds from a 529 college savings account into an IL ABLE Account is a meaningful way to help a loved build financial resources that they can use to pay for a wide range of Qualified Disability Expenses, including education, health and wellness, housing, transportation, and much more. You can learn more about Qualified Disability Expenses on illinoisable.com.
There are a few things to consider before initiating a rollover.
- A rollover from a 529 college savings account, such as Bright Start College Savings, into an IL ABLE Account can be made for the beneficiary of the 529 college savings account or for a member of the family of the 529 college savings account beneficiary.
- There is no fee to rollover a 529 college savings account into an IL ABLE Account.
- Rollovers can be made once per 12-month period.
- A rollover would be considered a contribution and is subject to the IL ABLE yearly contribution limit, which is currently $17,000.
Getting started: A 529 college savings account rollover can be initiated by submitting a completed Incoming Rollover Form.
If you have questions, we are here to help by phone at 888-609-8683, Monday-Friday, 8 am – 5 pm CT.