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.
- 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.
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.
I cannot open an ABLE account if I am older than age 26.
I can only open an ABLE account in the state where I live.
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.
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.