Use 529 Funds for Education and Disability-Related Expenses
Do you have money in a 529 college savings account that will not be used? You may be able to roll those funds into an existing IL ABLE Account for an eligible family member. A 529-to-ABLE rollover can help your loved one save for a wide range of qualified disability expenses, including education, health and wellness, housing, transportation, and other needs that support their independence and quality of life.
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 roll over 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.
Download the IL ABLE investment guide to compare investment options, potential risks and returns, fees, and how each choice may affect your disability savings goals. You can download and print the PDF here: What Type of Investor Are You?
Learn More About IL ABLE
Learn what an IL ABLE disability savings account is, who is eligible, how to open an account, and how it can help you save for qualified disability-related expenses while protecting important benefits.
- Visit the IL ABLE website
- Review the Plan Disclosure Booklet
- Explore IL ABLE Investment Options
- Open an IL ABLE Account online
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.