There is still time to contribute for 2023.
The Holiday Season is upon us and it’s easy to get swept up in the festivities! But remember: Now is a good time to open or contribute to an IL ABLE Account and make the most of your Account savings before the year ends.
Still waiting to open an IL ABLE Account? Open it before the end of 2023 to take advantage of the ability to contribute up to $17,000.
NOTE: Starting January 1, 2024, the Annual Contribution Limit will increase to $18,000.
Have you made the most of contributions this year? There is still time to reach the maximum 2023 annual contribution limit amount of $17,000. This total includes all contributions from all sources. Anyone can contribute to an IL ABLE Account – Account Owners, Authorized Individuals, family, friends and other third parties.
Did you know there may be tax benefits for your 2023 contributions? Illinois taxpayers can contribute to any IL ABLE Account and take a state tax income tax deduction on their 2023 taxes. Contributions must be received by December 31. Consult with a tax advisor to discuss your specific situation.
Did you know that you can give the gift of savings by contributing directly to an IL ABLE Account? It’s simple with Ugift® – just follow these two easy steps:
- Ask the IL ABLE Account Owner or the Authorized Individual for their unique Ugift® code. (An Account Owner or Authorized Individual can get the code by logging into the Account online).
- Visit UgiftABLE.com and input the code to make a direct contribution to the IL ABLE Account Owner’s Account.