Account Management – Illinois ABLE News & Updates

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.

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:

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.

Category: Account Management