Starting January 1, 2025, IL ABLE Accounts have a higher Annual Contribution Limit. Accounts can receive a total of $19,000 for the calendar year from all sources – Account Owners, family members, friends, and others!
Get Ready! There is a New Investment Option Coming December 13
Changes coming to IL ABLE Accounts
On December 13, 2024, a new Money Market Option will be available as the 7th Target Risk Investment Option. The Money Market Option will invest 100% of assets in the Vanguard Cash Reserves Federal Money Market Fund.
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5 Tips for Contributing to an IL ABLE Account
It’s easy for New Account Owners and Authorized Individuals to make savings happen.
New Account Owners and their Authorized Individuals often ask how to make contributions to their new IL ABLE Account. Here are five easy and convenient options to start contributing:
Great News for Account Owners!
IL ABLE Account Owners will notice a lower Annual Account Maintenance Fee on the quarterly statement starting January!
Five Things to Know About IL ABLE Accounts after the Death of an Account Beneficiary
It’s one of the questions asked most frequently about IL ABLE Accounts: “What happens to the IL ABLE Account when an Account Owner passes away?” While it’s not something anyone likes to think about, it is important to know what happens to an IL ABLE Account when an Account Owner passes away and what steps to take. And we have some answers.
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Commit to Meeting Your Financial Goals
These IL ABLE Account features can help.
Are you establishing or recommitting to financial goals this year? No matter if your goals are long term, short term or somewhere in between, these two IL ABLE Account features may help you meet your financial goals by making saving easier.
Meet Tom – IL ABLE Account Owner
Watch and hear how he “Makes It Happen with His IL ABLE Account.”
Meet Tom, an active IL ABLE Account Owner. He uses the funds in his Account to pay for things he needs to stay fit and healthy. Did you know that expenses for “health and wellness” are just a few of the types of “Qualified Disability Expenses” that funds in an IL ABLE Account can pay for?
National Disability Employment Awareness Month
Celebrate the contributions of workers with disabilities and help advance workforce access and equity.
Every October, we celebrate National Disability Employment Awareness Month (NDEAM) and the diverse contributions of America’s workers with disabilities. With NDEAM’s theme “Advancing Access & Equity” this month is a good time for workplaces to recognize and ensure that people with disabilities, have equal opportunity to contribute their skills and talents in the workplace – that means inclusive employment and workplace policies that benefit employees and employers alike.
Unused 529 Funds in your College Savings Account? Roll them into an IL ABLE Account
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.
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IL ABLE and Taxes
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.