Events/Uncategorized

Celebrate the Achievements of People with Disabilities

July is Disability Pride Month and the Anniversary of the Americans with Disabilities Act

July 26 marks the 32nd anniversary of the passage of the Americans with Disabilities Act (ADA). This landmark civil rights law prohibits discrimination against individuals with disabilities in all areas of public life. Since its passage in 1990, people with and without disabilities have turned the month of July into Disability Pride Month.  Events, parades and celebrations take place across the country to honor the diversity and achievements of people with disabilities.

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Special Olympics Illinois/True Stories

Brothers Build Independence with IL ABLE

Mom and sons Zach and KC share their IL ABLE story

For people with disabilities, the positive impact of being able to save money in an IL ABLE account extends far beyond the dollar amount of their savings. IL ABLE accounts can foster a sense of accomplishment and independence. In a recent interview, IL ABLE Account Owners Zach and KC, along with their mom, Micki share how IL ABLE is an important financial resource for them.

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Disability Expenses/Investing Basics

Springtime is a Great Time to Plan Ahead with IL ABLE

Save for your child’s short and long-term needs

Spring is in full bloom – grass is green, the trees are blossoming, and the school year is winding down. For some, this means going through an Individualized Education Plan (IEP) review to reflect on the past year’s accomplishments and to look ahead to the next school year. This is also a great time to review your child’s short and longer-term financial needs. For example, will they need additional therapies or educational supports in the coming year? Is transition planning within sight?

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Uncategorized

What Will You Do with Your Tax Refund?

Consider opening or contributing to an IL ABLE account

Tax refunds are always welcome, and they can give you a chance to think about the disability expenses you want to save for.  Do you want to save the refund for an unexpected medical expense?  Are you going to need new tires for the car that gets you to and from your job? Is there travel in your future?  Whatever your financial dreams and goals contributing your tax refund to an IL ABLE account can help you reach them.

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Financial Advisors/Investing Basics

April is National Financial Literacy Month

Elevate your financial know-how

Carleda Johnson

Managing money can be intimidating especially if it is a new responsibility or you feel you don’t have the right skills or language to talk about it. Financial literacy is all about empowering individuals with the skills and understanding needed to confidently manage their personal finances. As part of National Financial Literacy Month, we interviewed Carleda Johnson, Independent Living Skills Coordinator and Financial Literacy Coach at Access Living. Carleda shares her knowledge and expertise below to help you build your financial literacy.

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Taxes

It’s Tax Time!

What you need to know about IL ABLE and taxes

Important facts to keep in mind when filing your tax return for 2021. 

  • If you owned an IL ABLE account in 2021, you should have received tax form 5498 (shows contributions) and tax form 1099QA (shows distributions). If you did not receive these forms and you made contributions or took distributions from your account in 2021, call Customer Service at 888-609-8683.
  • If you are an IL ABLE account owner, withdrawals from and earnings in your IL ABLE account are exempt from state and federal taxes as long as the withdrawals are used to pay for qualified disability expenses. 
  • If you are an Illinois taxpayer and you contributed to any IL ABLE account in 2021, 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 if filing as an individual or $20,000 if filing jointly. Check with your tax advisor about your personal tax situation. 
  • As always, consult with a tax advisor with any personal tax questions.  
Investing Basics

Keeping Your Savings and Investment Goals on Track

New year sees market swings

2021 was a banner year for investors as the S&P 500, and other major indices that track financial markets reached all-time highs. 

This year is off to a bumpier start with inflation, pandemic-related supply chain disturbances, and the current conflict between Russia and Ukraine contributing to the market’s volatility and investor uncertainty. 

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Events/Special Olympics Illinois

Illinois State Treasurer Declares the Special Olympics Illinois Winter Games Open!

Treasurer Frerichs paraded with athletes and spoke at the Opening Ceremonies. 

The Treasurer was on-hand to kick-off the Special Olympics Illinois Winter Games 2022! The games, which featured skiing and snowshoeing competitions, were held in beautiful and wintery Galena.

After a parade down historic Main Street, the Treasurer declared the games open and shared the many benefits of IL ABLE savings and investment accounts for SOILL athletes and all ABLE-eligible individuals. Some of those benefits are:

  • You can contribute up to $16,000 per year to this tax-free savings account – more if you work.
  • Contributions may be tax deductible.
  • You can save for everyday and/or long-term expenses.

“I wish all the Special Olympics athletes the best of the luck in the Winter Games and encourage families to find out more about how to save for your child’s future at illinoisABLE.com,” said Treasurer Frerichs.

Learn more about the IL ABLE Special Olympics Illinois partnership and IL ABLE.   

Find quick answers to your IL ABLE questions with IL ABLE FAQs.