ABLE Facts – Illinois ABLE News & Updates

IL ABLE & Public Benefits

June 16, 2023June 16, 2023 illinoistreasurer

Resources for understanding how IL ABLE Accounts and public benefits programs work together.

How does owning an IL ABLE Account affect eligibility for federal benefits? That is one of our most frequently asked questions! The good news is that people who are currently receiving federal benefits, or who may receive them in the future, can build savings with an IL ABLE Account and maintain eligibility for federal means-tested programs such as Supplemental Security Income and Medicaid. The following resources provide guidance on how an IL ABLE Account and public benefits programs work together.

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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.

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.

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.

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.

ABLE Facts/Account Management/Contributions

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

Authorized Individuals and IL ABLE Accounts

December 17, 2022December 19, 2022 illinoistreasurer

What you need to know about acting on behalf of an Account Owner

Authorized Individuals often play a vital role in IL ABLE Accounts. They can open IL ABLE Accounts for eligible children and adults who are not able to open and manage the Account for themselves. Additionally, Account Owners with legal capacity may select an Authorized Individual to manage their Account.

ABLE Facts/Account Management/Contributions

Maximize IL ABLE Account Benefits

December 17, 2022December 19, 2022 illinoistreasurer

There is still time to contribute for 2022

It’s hard to believe that 2022 is coming to a close, but there is still time to open or contribute to an IL ABLE Account to take advantage of these benefits before the year is over.

ABLE Facts/Account Management

IL ABLE Rolls Out Important Changes on November 20

November 19, 2022November 18, 2022 illinoistreasurer

What you need to know

On November 20, 2022, the IL ABLE Plan will roll out Plan changes to conform to the Internal Revenue Service’s rules for ABLE programs. Here are some important things you need to know:

Category: ABLE Facts