Skip to content

Illinois ABLE News & Updates

News and Updates from the Illinois State Treasurer's ABLE Plan

  • Home
  • Contact Us
  • What is ABLE?
  • Enroll in ABLE

Category: Account Management

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.

Read More “Unused 529 Funds in your College Savings Account?  Roll them into an IL ABLE Account”

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.

Read More “IL ABLE and Taxes”

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.

Read More “IL ABLE Reduces Annual Account Maintenance Fees”

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.

Read More “ABLE Age Adjustment Act Passed!”

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.

Read More “The IRS Raises Annual Contribution Limit for ABLE Accounts”

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.

Read More “Authorized Individuals and IL ABLE Accounts”

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.

Read More “Maximize IL ABLE Account Benefits”

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:

Read More “IL ABLE Rolls Out Important Changes on November 20  “

ABLE Facts/Account Management/Taxes

Thank You from IL ABLE

November 19, 2022November 18, 2022 illinoistreasurer

Dear Account Owners and their supporters,

Thanksgiving is upon us and we at IL ABLE want to say Thank You to all of the Account Owners (and their Authorized Individuals) who save and invest with IL ABLE Accounts.

Read More “Thank You from IL ABLE“

ABLE Facts/Account Management

Great News!

September 17, 2022September 15, 2022 illinoistreasurer

IL ABLE Accounts Have Lower Fees!

Great news! While costs on so many things seem to be going up, fees on your IL ABLE account have gone down!

Annual Account Maintenance fees were recently lowered nearly 25 percent from $45.00 to $34.00 if you receive e-delivery notification that the Account’s quarterly statements are ready for viewing. The Annual Account Maintenance fee for paper statements was reduced from $60.00 to $59.00.  The reduced fees, which are assessed quarterly, will be reflected on your October quarterly statement.

Read More “Great News!”

Posts navigation

1 2 Next

Category Cloud

ABLE Facts Account Management Contributions Disability Expenses Employment Events Federal Benefits Financial Advisors Financial Literacy Investing Basics News Special Olympics Illinois Take Action! Taxes Treasurer Michael Frerichs True Stories Uncategorized Webinar

accessABLE Delivered to Your Inbox

Click here to subscribe to receive accessABLE  delivered each month to you via e-mail.

Follow Us

  • Twitter
  • Facebook
  • Instagram

The Illinois Achieving a Better Life Experience (“IL ABLE”) plan is sponsored by the State of Illinois and administered by the Office of the Illinois State Treasurer (“Treasurer”). IL ABLE is designed to be a qualified ABLE plan offered as part of the National ABLE Alliance. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping, and administrative services for the IL ABLE plan.

Accounts in the IL ABLE plan are not guaranteed or insured by the State of Illinois, the Treasurer, the Trust, IL ABLE, the Program Manager, or any other entity (except as provided in the Plan Disclosure Booklet solely with respect to the FDIC-insured Checking Account Option). An Account Owner could lose money by investing in the IL ABLE plan. The Checking Account Option offers FDIC insurance up to $250,000, subject to certain restrictions. Interests in IL ABLE are municipal securities and the value of the account will vary with market conditions and the performance of the investment options you choose.

An investor should consider investment objectives, as well as the risks, charges, and expenses associated with an investment in the IL ABLE plan before investing. This and other important information are contained in the Plan Disclosure Booklet, which can be obtained at http://illinoisable.com or by calling (888) 609-8683.  You should carefully read the Plan Disclosure Booklet before investing.

Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences. Participation in the IL ABLE plan does not guarantee that contributions and the investment return on contributions, if any, will be adequate to cover Qualified Disability Expenses or that an Account Owner is eligible to participate in the IL ABLE plan.

Before investing in any ABLE plan, you should consider whether the state in which you reside and/or pay taxes offers an ABLE plan with favorable state tax incentives or other benefits that are only available through investment in that state’s ABLE plan. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits, or any limitations, would apply to your specific circumstances.

This material is provided for general and educational purposes only, and is not intended to provide legal, tax, or investment advice or for use to avoid penalties that may be imposed under federal or state tax laws. This material is not an offer to sell or a solicitation of an offer to buy any securities.

Testimonials may not be representative of the experience of other customers as past performance or success is not a guarantee of future performance or success.

Capitalized terms not otherwise defined in this material have the meaning attributed to them in the Plan Disclosure Booklet.

Information subject to change without prior notice.

Investments are not FDIC-Insured (except for the Checking Account Option). No Bank, State, or Federal Guarantee.  May Lose Value.

2023 Illinois ABLE News & Updates
 

Loading Comments...