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.
October is National Disability Employment Awareness Month: Learn How Your Illinois ABLE Account Can Work for YOU!
Did you know that if you are working, your Illinois ABLE account (Achieving a Better Life Experience) can work even harder for you?
That’s right! ABLE account owners who work can contribute even more each year to their Illinois ABLE account without losing federal means-tested benefits.
Achieving A Better Life Experience in the Community: ABLE Visits Search, Inc.’s Annual Event
Would the families that you serve benefit from an ABLE presentation? ABLE staff at the treasurer’s office can attend your event or give a presentation.
Learn About Investment Risk
When you open your Illinois ABLE account, you will be able to choose the investment options that meet your needs. When you invest, you make choices about what to do with your money and investment risk is something to know about as you decide.
True of False?
You will lose your benefits if you have an Illinois ABLE account?
What Disability Expenses Do You Want to Save For?
As an Illinois ABLE account owner, you can select from six investment options based on your needs and goals, in addition to an optional checking account. Your Illinois ABLE account gives you the flexibility to select the option that makes the most sense to you. The ABLE checking account option can be used for ongoing expenses that require easy access to funds, such as weekly therapy appointments.
Three Ways an Illinois ABLE Account Can Help You Build Your Independence
An Illinois ABLE account means greater independence for people with disabilities. How?
What Can You Do With Your Illinois ABLE Account?
Invest in your future and save up to $100,000 without losing your SSI monthly benefits. With Illinois ABLE, you can save and invest your own money. You can pay for the expenses that are part of living with a disability. That includes things like taking lessons to learn a new skill. If you work, you can save money from your job without worrying about the $2000 asset limit. Most importantly, with Illinois ABLE you can gain some control and independence for your life! For more information, or to enroll, visit IllinoisABLE.com.
Graduate Dreams Big with ABLE
It’s graduation season! ABLE account owner Tim shares his plans and dreams after graduating in May from Edgewood College and the Cutting-Edge Program in Madison, Wisconsin.
It’s Tax Season – 3 Things ABLE Account Owners Need to Know!
- If you are an ABLE account owner, you do not pay federal or state taxes on the earnings on your IL ABLE account if your withdrawals are for your disability-related expenses.
- If you owned an ABLE Account in 2017, you should have received tax form 5498 (shows contributions) and tax form 1099QA (shows distributions). For questions about these forms, contact your tax advisor.
- The Treasurer’s office has proposed legislation to the Illinois General Assembly to allow a state income tax deduction for contributions to ABLE accounts. Many disability advocacy groups support this effort. If you want to offer your support, contact your local legislator.
