illinoistreasurer

ABLE Facts/Account Management/Contributions

Unused 529 Funds in your College Savings Account? Roll them into an IL ABLE Account

May 19, 2023May 19, 2023 illinoistreasurer

Use the funds for education and other disability-related expenses.

Do you have funds in a 529 college savings account that you won’t be using? Consider rolling those funds over into a loved one’s existing IL ABLE Account.

Rolling over funds from a 529 college savings account into an IL ABLE Account is a meaningful way to help a loved build financial resources that they can use to pay for a wide range of Qualified Disability Expenses, including education, health and wellness, housing, transportation, and much more. You can learn more about Qualified Disability Expenses on illinoisable.com.

Events/True Stories

Treasurer Michael Frerichs Visits the Ray Graham Association

April 14, 2023April 14, 2023 illinoistreasurer

In March, Illinois State Treasurer Michael Frerichs stopped by the Ray Graham Association to meet with some of the disability services organization’s staff, leadership, and clients who are also IL ABLE Account owners. It was a wonderful visit that provided an opportunity to talk about programs like IL ABLE and the importance of financial literacy.

Financial Literacy

It’s Financial Literacy Month: Commit – or Re-commit – to Your Financial Wellness

April 14, 2023April 14, 2023 illinoistreasurer

Financial wellness is important for people with disabilities!

When people with disabilities think about financial wellness, they sometimes concentrate solely on federal benefits, such as SSI and Medicaid. However, there are other things they can also consider when building a strong financial future, such as saving for an emergency or making a budget. The Illinois Treasurer’s Office offers tools that can help people with and without disabilities as they build financial practices and skills. Read on to learn things that might help you during this Financial Literacy Month.

ABLE Facts/Account Management/Taxes

IL ABLE and Taxes

March 17, 2023 illinoistreasurer

What you need know about IL ABLE Accounts at tax time.

Tax season is upon us! Here is some important information to keep in mind about your IL ABLE Account when filing your 2022 tax return.

Remembering Judy Heumann

March 17, 2023March 17, 2023 illinoistreasurer

Disability rights leader blazed trails for people with disabilities

IL ABLE honors the life and legacy of disability rights advocate Judy Heumann, who passed away on March 4 at age 75. Judy was a trailblazer for people with disabilities. Widely recognized as the mother of the disability rights movement, she dedicated her life to advocating for the rights of people with disabilities.

Read More “Remembering Judy Heumann “

ABLE Facts/Events/Webinar

Watch the Recorded Webinar: Social Security Benefits and ABLE Accounts

March 17, 2023March 17, 2023 illinoistreasurer

More than 2,000 people watched live. If you missed it, now is your chance.

The National Association of State Treasurer’s ABLE Savings Plan Network and ABLE today hosted the Social Security Benefits and ABLE Accounts webinar in February, which featured the Social Security Administration (SSA) and ABLE experts addressing many frequently asked questions about:

ABLE Facts/Account Management

IL ABLE Reduces Annual Account Maintenance Fees

February 17, 2023February 27, 2023 illinoistreasurer

Now you can save even more for disability expenses

Great News! As of January 1, 2023, Annual Account Maintenance Fees for IL ABLE Accounts decreased to $33 for Account Owners who receive E-Delivery of statement notifications and $58 for Account Owners who receive paper statement delivery.

Taxes

Tax Savers Credit

February 17, 2023February 27, 2023 illinoistreasurer

Maximizing the benefits of saving and investing with IL ABLE

Did you know that an Account Owner’s contributions to their IL ABLE Account may be eligible for the Retirement Savings Contributions Credit – also known as the Tax Savers Credit?

The IRS Raises Annual Contribution Limit for ABLE Accounts

January 21, 2023January 20, 2023 illinoistreasurer

Contribute up to $17,000 to an IL ABLE Account

Starting January 1, 2023, the Annual Contribution Limit for ABLE accounts increased to $17,000 from the previous limit of $16,000. This amount includes contributions for all sources including Account Owners, family members, friends and other third parties. Anyone can contribute to an IL ABLE Account, as long as total contributions do not exceed $17,000 per year.

ABLE Facts/Account Management/Uncategorized

ABLE Age Adjustment Act Passed!

January 21, 2023January 20, 2023 illinoistreasurer

Higher eligibility age limit takes effect in 2026

Since Congress passed the Stephen Beck Jr. Achieving a Better Life Experience Act in 2014, the ABLE community has worked tirelessly to pass legislation to increase the age of eligibility criteria to own an ABLE account from disability onset before age 26 to before age 46.

Supported by legislative champions in Congress, disability advocates and ABLE programs across the country, the ABLE Age Adjustment Act made it across the finish-line on December 29, 2023, when President Biden signed the Consolidated Appropriations Act, 2023 [H.R. 2617], which included the ABLE Age Adjustment Act.

Author: illinoistreasurer