Your IL ABLE account can help you make the most out of summer
Summer has arrived and with it, endless possibilities for summer fun! While the warm weather can mean free time outside, a lot of activities will cost money. Whether you will be spending time at your local pool, taking a family road trip to see friends, camping at your favorite state park, or going to summer camp your IL ABLE account may be able to be used to cover these expenses and help you make the most of your summer.
Read More “Summer Fun is Within Reach”
Learn how ABLE to Work can work for you
IL ABLE accounts offer many benefits. ABLE to Work is one of them. Account Owners who work and earn money can contribute more than the annual $16, 000 contribution limit. That means more savings.
Read More “Save More with ABLE to Work”
Total annual contributions allowed to your IL ABLE Account are now $16,000
Starting January 1, 2022, the annual contribution limit to an ABLE account has increased to $16,000 from the previous limit of $15,000. This amount includes all contributions from 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 the $16,000 per year. Read about this change in disability scoop article or visit the IL ABLE website.
Also, remember that by taking advantage of ABLE to Work you can save more than the $16,000 annual contribution limit. Working Account Owners who do not already participate in an employer-sponsored retirement plan can contribute an additional amount equal to gross wages for the year or the poverty guidelines amount, whichever is lower. Find quick answers to your IL ABLE questions with IL ABLE FAQs
Tax benefits and maximum contributions in IL ABLE will start your New Year right!
2021 has been another challenging year, but you can end it on a high note by opening or contributing to your IL ABLE account now and take advantage of these benefits before the year is over:
- Optimize your annual IL ABLE contribution. Take advantage of the maximum 2021 annual contribution amount of $15,000 before year’s end. This total includes all contributions from all sources. Anyone can contribute to an IL ABLE account – Account Owners, family members, friends and other third parties. A contribution to a loved one’s IL ABLE account makes a meaningful holiday gift. Contributions can be made by check, Ugift, electronic funds transfer or payroll deposit. You can even schedule recurring, automatic deposits into an IL ABLE account. And, good news: The annual contribution limit increases to $16,000 in 2022!
- Take an Illinois State income tax deduction. Illinois taxpayers can contribute to any IL ABLE account and take a state tax income tax deduction on their 2021 state tax return – up to $10,000 if filing as an individual or $20,000 if filing jointly. But you must make your contribution by December 31st! Consult with a tax advisor to discuss your specific situation.
- Roll funds over from a 529 college savings account into an IL ABLE account. Do you have funds in a 529 college savings account that might be better used in an IL ABLE account? Funds in the 529 account can be rolled into an IL ABLE for the same beneficiary or for a member of the family of the 529 account beneficiary as long as the beneficiary is eligible to own an ABLE account. See here for eligibility information. IL ABLE doesn’t charge fees for the rollover. The total annual aggregate contribution into an ABLE account is $15,000 in 2021, so keep that in mind as you plan your 529-to-IL ABLE rollover. Have questions about how to do it? Call Customer Service.
- Take advantage of ABLE to Work for greater savings. Working Account Owners who do not already participate in an employer-sponsored retirement plan can contribute an additional amount above the $15,000 annual contribution limit, equal to gross wages for the year or the poverty guidelines amount, whichever is lower.
Visit illinoisable.com to get started.
You can play Santa’s helper with a Ugift® contribution.
Give a gift to a person with a disability through a contribution to their IL ABLE account.
Ugift® is the easiest way to give a gift that will last longer than opening a present. Follow these two, easy steps:
- Ask the IL ABLE Account Owner or the Authorized Individual (an adult who is authorized to transact on the account) for their unique Ugift® code. (they can get the code by logging into the account).
- Visit UgiftABLE.com and input the code to make a direct contribution to the IL ABLE Account Owner’s account.
It’s easy! Making a gift to a loved one’s account who receives SSI benefits will protect those benefits and funds can be used to pay for long list of qualified disability expenses that improve quality of life and increase independence.
Visit the UgiftABLE.com website for complete information.
Download and print a Ugift® Gift Certificate to mark the holiday gift. Learn more at UgiftABLE.com.
If the contributor to an IL ABLE account is an Illinois taxpayer, contributions may be deductible from state income tax. Visit illinoisable.com for more information.
That means it’s a good time to get a head start on saving for your child’s further by contributing to her IL ABLE account. It’s easy to make contributions using the Ugift contribution option. Start gifting now to take advantage of the the Illinois state income tax deduction for 2021, available to Illinois taxpayers.
Ugift® is an easy-to-use, no-cost way for family and friends to make a contribution directly to an IL ABLE account . How does it work?
First, the IL ABLE Account Owner (eligible person with the disability) or an Authorized Individual (an adult who is authorized to transact on the account) logs into the IL ABLE account and accesses unique Ugift® code. Click here to log into the account.
Next, they share that code with friends, family or others who want to contribute to the account. Next, the gift giver can visit UgiftABLE.com to make a contribution.
All gift contributions made via Ugift® are deposited directly into the account. Funds in the IL ABLE account can be used to pay for a long list of qualified disability expenses that can improve quality of life and increase independence for a person with a disability. Visit the UgiftABLE.com website for complete information.
Find quick answers to your ABLE questions with IL ABLE FAQs.
Visit IL ABLE at illinoisable.com.
ProtectS ASSETS FROM MEDICAID “CLAW BACK”
This week, the Illinois ABLE Asset Protection Act became law after Governor J.B. Pritzker signed the legislation championed by Illinois Treasurer Michael Frerichs. The legislation helps ensure that IL ABLE aligns with the spirit of the Achieving a Better Life Experience (“ABLE”) Act of 2014: to improve quality of life, increase independence, and improve self-reliance of the individual with a disability through a secure way to save for the additional expenses that come with having a disability.
The first law of its kind to be passed in the country, the Illinois ABLE Asset Protection Act is intended to allow assets in an IL ABLE account, after funeral and burial expenses are paid, to be transferred to another ABLE-eligible individual without being distributed to a probate estate pursuant to a payable on death agreement. In these instances, in Illinois, the IL ABLE assets should avoid probate costs, probate creditors and Medicaid recovery, sometimes referred to as “claw back,” upon the death of the Account Owner.
Prior to the Illinois ABLE Asset Protection Act, some individuals and families were concerned that an IL ABLE account would be subject to numerous probate issues, as well as “claw back.” This concern may have outweighed the considerable benefits of owning an IL ABLE tax-advantaged savings and investment account for the benefit of and use by the Account Owner.
IL ABLE accounts allow the Account Owner to save while preserving Medicaid benefits. With an IL ABLE Account, the Account Owner can deposit paychecks, receive gifts or donations from friends and family, and use the money to help pay for the additional expenses that come with living with a disability, many of which are not covered by Medicaid benefits. IL ABLE accounts supplement, but do not replace, federal means-tested benefits.
For more information about the benefits of IL ABLE Accounts please visit the links below.
Find quick answers to your ABLE questions visit IL ABLE FAQs.
Individuals interested in IL ABLE should visit IL ABLE at illinoisable.com.
This Athlete and Global Messenger is Building Physical & Financial Wellness On and Off the Field
When 21-year-old Special Olympics Illinois (SOILL) Global Messenger Michael Williams collaborated on an Autism Awareness Month video, he was filling pandemic time to build communications skills while waiting to return to in-person SOILL competition. “Michael is not as interested in the virtual activities, so he is looking forward to entering more Special Olympics events in-person,” said Dawn Williams, Michael’s mom, and coach of several of Michael’s teams.
Read More “Special Olympics Illinois & IL ABLE partner to help families”
Ugift® is an easy-to-use, no-cost way to make a meaningful holiday gift to a loved one with a disability. How does it work?
First, the IL ABLE Account Owner (person with the disability) or the Authorized Individual (an adult who is authorized to transact on the account) logs into their IL ABLE account and accesses their unique Ugift® code.
Next, they share that code with friends, family or others who want to make a contribution to the account.
Then, the gift giver visits UgiftABLE.com and inputs the code in order to make a direct contribution to the IL ABLE Account Owner’s account.
Read More “Give the gift of savings to an IL ABLE Account Owner with Ugift® this holiday season”
We have the date – November 10, 2020.
We have the time – 6:30 pm – 8:00pm CT
We have the place – online webinar via Webex.
NOW WE JUST NEED YOUR TOPIC!
Read More “What ABLE Topics Do You Want to learn more about?”
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.
Read More “Do You Own an ABLE Account in Another State?”