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”
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”
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”
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!”
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”
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”
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”
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 “
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“
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!”