Tax facts that you should know about IL ABLE.
- If you are an IL ABLE account owner, earnings in, and withdrawals from, your IL ABLE account are federal and state tax-free as long as withdrawals are used for qualified disability expenses.
- If you are an Illinois taxpayer and you contributed to any IL ABLE account in 2020, you may be able to take a deduction from your Illinois state income taxes.
- The Illinois state income tax deduction is up to $10,000 filing as an individual or $20,000 if filing jointly. Check with your tax advisor about your personal tax
- If you owned an IL ABLE Account in 2020, you should have received tax form 5498 (shows contributions) and tax form 1099QA (shows distributions) from your IL ABLE account. If you did not receive the forms and you made contributions or took distributions in 2020, call Customer Service at 888-609-8683.
- For your personal tax questions, consult with a tax advisor.
2020 will soon be history! Take advantage now of the benefits of IL ABLE before time runs out.
2020 has been an historic year and will soon come to an end, before it does here are 5 easy steps you can take to fund an IL ABLE account before the year is over.
Read More “5 Reasons to Contribute to Your IL ABLE Account (or open one!) Before 2020 Ends”
Contributions Made Before Year-End May Qualify for IL Tax Benefit
By contributing to an IL ABLE account, both your loved one with a disability and you may share in the happiness! Why? Because any Illinois taxpayer who contributes to any IL ABLE account at any time during the year may be able to take an Illinois State Income tax deduction for that year. Happiness!
Read More “What You Need to Know About Illinois ABLE Contributions and Tax Deductions”
Are you thinking of contributing to the Illinois ABLE account of a friend or loved one this year? Good News! If you are an Illinois taxpayer, you can now take a deduction from your Illinois state income taxes when you contribute to an Illinois ABLE account.
Read More “Contributing to an Illinois ABLE account this Holiday Season? Your contribution may be tax deductible!”