Do You Own an ABLE Account in Another State?

Consider Rolling it Over to IL ABLE.  Here’s Why.

If you live in Illinois and opened an ABLE account for yourself or a loved one in another state’s ABLE plan, you may be missing out on some of the benefits offered by IL ABLE.  For example, if you are an Illinois taxpayer and you contribute to any IL ABLE account, you may be able to take a state income tax deduction.  Learn more here.

Season’s Giving

Easy Ways to Make Holiday and Year-End Contributions to a Loved One’s Illinois ABLE Account

It happens every year.  As we enter the holiday season, many family and friends of loved ones with disabilities want to give them money to use to enjoy life or help with expenses. However, for years, family and friends have been told not to give their loved ones with disabilities money because it will put the loved one’s benefits at risk.

Happy 2nd Birthday ABLE!

In two short years, Illinois ABLE has helped people with disabilities achieve so much:

Empowerment – Since its January 2017 launch, people with disabilities and their families throughout Illinois have contributed more than $4 million to Illinois ABLE accounts. For the first time ever, people with disabilities are empowered through savings, investing and spending.

Peace of Mind – Illinois ABLE account owners who also receive SSI benefits don’t worry about exceeding the $2000 resources cap.  Approximately 40% of IL ABLE account owners are eligible for or receive SSI benefits and the average Illinois ABLE account balance is $5,500. Instead of spending money unnecessarily to stay under the SSI resource cap, ABLE account owners on SSI are enjoying the ability to save for meaningful uses and protect their benefits at the same time.

Choice and Control –  Account owners are taking advantage of the flexibility of their accounts to meet short, medium and long-term goals.  Some use the convenient checking account option to pay for daily or regular qualified disability expenses.  Some save for a rainy day or invest for the future, choosing among six high-quality investment options. Many account owners select a combination of options!

High Impact – In 2018 alone, over 6,500 self-advocates, family members, educators and service providers in more than 30 Illinois communities learned directly from the Treasurer and his staff about how ABLE accounts foster greater financial freedom and inclusion of people with disabilities.

Beneficial Legislation – Thanks to legislation proposed by the Treasurer and passed into law in 2018, Illinois taxpayers can now contribute to any Illinois ABLE account and take a state tax income tax deduction – up to $10,000 if filing as an individual or $20,000 if filing jointly.

Best in Class – Illinois leads the National ABLE Alliance, a 16-state consortium that represents more than one-quarter of the nation’s ABLE-eligible population and offers a best-in-class, low-cost ABLE program with an exclusive checking account feature.

Leadership – As Chairperson of the ABLE Committee of the National Association of State Treasurers, State Treasurer Michael Frerichs leads states’ efforts to advocate for federal legislation, such as the ABLE Age Adjustment Act, which will strengthen and increase access to ABLE accounts for more people with disabilities.

To open an Illinois ABLE account or for more information visit www.il.savewithable.com.

Learn more about ABLE here.

Do you know someone who should know about Illinois ABLE?  Please send this to a friend!

Checking It Twice!

Your Easy Guide and Checklist to Open an Illinois ABLE Account Before the Year Ends

Many people with disabilities and their families open Illinois ABLE accounts in December to take advantage of the $15,000 contribution maximum (more for account owners who work) before the year comes to a close.  Plus, starting with the 2018 tax year, Illinois taxpayers can deduct their 2018 contributions to IL ABLE accounts from their state taxable income.