New law requires Illinois public schools to share information at annual IEP meetings.
It’s back to school! Did you know that, with this new school year, parents and guardians of Illinois public school students who have Individualized Education Plans (IEPs) must now be provided with information about IL ABLE Accounts during the students’ annual IEP meetings?
Illinois State Treasurer Michael Frerichs has partnered with the Illinois State Board of Education to ensure that the estimated 290,000 Illinois public school students who have IEPs – many of whom are eligible to own an IL ABLE Account –will receive information about IL ABLE Accounts at every annual IEP meeting. This is thanks to legislation, sponsored by Sen. David Koehler of Peoria and Rep. Dagmara “Dee” Avelar of Bolingbrook, which passed unanimously with bipartisan support.
“Families of students with disabilities may have additional considerations when planning for the future of their children. IL ABLE Accounts are an important financial tool that can help build financial resilience for their students and help them save for current and future disability-related expenses,” said Treasurer Michael Frerichs.
It’s never too early to start saving. For families with children whose disabilities may make them eligible for federal disability benefits programs in adulthood – benefits such as Supplemental Security Income (SSI) and Medicaid – funds in an IL ABLE Account will not be counted as an asset when he or she applies for benefits. That means that up to $100,000 in ABLE Account assets will be protected from SSI asset tests and no asset limit for Medicaid. Read about IL ABLE & Public Benefits.
With IL ABLE Accounts, people with disabilities and their families can save and invest their money, up to $17,000 a year, for Qualified Disability Expenses. This includes expenditures on assistive technology, therapies, specialized equipment, transportation, job coaching, health care, education and more.
There are tax benefits as well. Earnings and withdrawals are tax-free when used for Qualified Disability Expenses. Plus, Illinois taxpayers who contribute to an IL ABLE Account may be eligible to take a state income tax deduction of up to $10,000 if filing as an individual and $20,000 jointly.
Students with disabilities who do not have an IEP may also be eligible to own an IL ABLE Account. Read Who is Eligible at illinoisable.com or take the Eligibility Quiz to learn more.
Learn more about IL ABLE at illinoisable.com and read the Plan Disclosure Booklet.