Disability Expenses

What Disability Expenses Do You Want to Save For?

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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.

Read More “What Disability Expenses Do You Want to Save For?”
ABLE Facts

What Can You Do With Your Illinois ABLE Account?

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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.

Taxes

It’s Tax Season – 3 Things ABLE Account Owners Need to Know!

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  1. 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.
  2. 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.
  3. 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.