Did your disability begin before your 46th birthday? Starting January 1, you may be eligible to own an IL ABLE Account and benefit from these 4 ABLE features.
- Tax-free growth and withdrawals. Any earnings and withdrawals are tax-free when funds are used to pay for a wide array of qualified expenses that help improve or maintain the Account Owner’s health, quality of life, or independence, including everyday expenses such as rent, transportation, and education.
- Save and maintain eligibility for federal means-tested public benefits. The Social Security Administration disregards the first $100,000 in an IL ABLE Account balance from the Social Security Income (SSI) resource test. Funds saved in an IL ABLE Account won’t affect Social Security Disability Insurance (SSDI) and aren’t a countable resource for other means-tested benefit programs such as Medicaid and SNAP.
- Save alongside a retirement account. An IL ABLE Account can complement your retirement savings account, but it’s one where you can use the money when you need it for qualified disability expenses without penalties.
- And Illinois taxpayers who contribute to any IL ABLE Account can take a state income tax deduction – up to $10,000 for individual filers and up to $20,000 for joint filers.
Read the recently published New York Times article: More Disabled People Can Open Special Savings Accounts. Do You Qualify? (Subscription may be needed)
Take the Eligibility Quiz to see if you or a loved one is eligible for ABLE and get ready to open an Account on January 1!
Explore IL ABLE Resources
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.
- Learn About ABLE Accounts
- Read the ABLE Plan Disclosure Booklet
- Compare ABLE Investment Options
- Open an ABLE Account
- Request an IL ABLE Presentation at a club or nonprofit by emailing Rosemary Laudani at rlaudani@illinoistreasurer.gov.
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.