One benefit of an IL ABLE Account is that contributions made by Illinois taxpayers to an IL ABLE Account may qualify to take a generous state income tax deduction on their 2023 state tax return – up to $10,000 if filing as an individual or $20,000 if filing jointly. Contributions must be made by December 31for the 2023 tax year. Consult with a tax advisor to discuss your specific situation.
Give a gift directly to a loved one’s or friend’s IL ABLE Account using Ugift®. To use Ugift®, ask the IL ABLE Account Owner or the Authorized Individual for their unique Ugift® code, which an Account Owner or Authorized Individual can get by logging into the Account online. Go to UgiftABLE.com and input the code to make a direct contribution to the IL ABLE Account Owner’s Account.
Visit illinoisable.com for more information on ways of contributing to an IL ABLE Account.
To learn more about IL ABLE or to open an IL ABLE Account visit illinoisable.com and read the Plan Disclosure Booklet.