An Illinois ABLE account means greater independence for people with disabilities. How?
Read More “Three Ways an Illinois ABLE Account Can Help You Build Your Independence”
What Can You Do With Your Illinois ABLE Account?
Invest in your future and save up to $100,000 without losing your SSI monthly benefits. With Illinois ABLE, you can save and invest your own money. You can pay for the expenses that are part of living with a disability. That includes things like taking lessons to learn a new skill. If you work, you can save money from your job without worrying about the $2000 asset limit. Most importantly, with Illinois ABLE you can gain some control and independence for your life! For more information, or to enroll, visit IllinoisABLE.com.
Graduate Dreams Big with ABLE
It’s graduation season! ABLE account owner Tim shares his plans and dreams after graduating in May from Edgewood College and the Cutting-Edge Program in Madison, Wisconsin.
It’s Tax Season – 3 Things ABLE Account Owners Need to Know!
- If you are an ABLE account owner, you do not pay federal or state taxes on the earnings on your IL ABLE account if your withdrawals are for your disability-related expenses.
- If you owned an ABLE Account in 2017, you should have received tax form 5498 (shows contributions) and tax form 1099QA (shows distributions). For questions about these forms, contact your tax advisor.
- The Treasurer’s office has proposed legislation to the Illinois General Assembly to allow a state income tax deduction for contributions to ABLE accounts. Many disability advocacy groups support this effort. If you want to offer your support, contact your local legislator.
Mom and Daughter Find Comfort with ABLE
Many people have asked, “Why should I open an ABLE account?” Instead of hearing the answer from us at the State Treasurer’s Office, we went straight to Illinois ABLE account owner Julia, and her mom Janet.
True or False? (From a Reader)
I cannot open an ABLE account if I am older than age 26.
True or False?
I can only open an ABLE account in the state where I live.
Do You Qualify for ABLE? Tips to Get the Most Out of “A Better Life Experience” Accounts
If the symptoms of your disability were present before age 26 and your disability meets the definition of used by the Social Security Administration, you qualify to open an ABLE Account. If your disability was diagnosed after 26 but you have a written certification from a physician that it was present before age 26, you qualify to open an ABLE account.
Read More “Do You Qualify for ABLE? Tips to Get the Most Out of “A Better Life Experience” Accounts”
Investing in Myself – An ABLE Account Owner Speaks Out
Wendy Settles is a young professional who works as a housing specialist for Impact Center for Independent Living in Alton, IL. She helps individuals with disabilities get out of nursing homes and into integrated community living. Wendy opened her ABLE account about a year ago.
Read More “Investing in Myself – An ABLE Account Owner Speaks Out”
