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.
IL ABLE Reduces Annual Account Maintenance Fees
Now you can save even more for disability expenses
Great News! As of January 1, 2023, Annual Account Maintenance Fees for IL ABLE Accounts decreased to $33 for Account Owners who receive E-Delivery of statement notifications and $58 for Account Owners who receive paper statement delivery.
Tax Savers Credit
Maximizing the benefits of saving and investing with IL ABLE
Did you know that an Account Owner’s contributions to their IL ABLE Account may be eligible for the Retirement Savings Contributions Credit – also known as the Tax Savers Credit?
ABLE Age Adjustment Act Passed!
Higher eligibility age limit takes effect in 2026
Since Congress passed the Stephen Beck Jr. Achieving a Better Life Experience Act in 2014, the ABLE community has worked tirelessly to pass legislation to increase the age of eligibility criteria to own an ABLE account from disability onset before age 26 to before age 46.
Supported by legislative champions in Congress, disability advocates and ABLE programs across the country, the ABLE Age Adjustment Act made it across the finish-line on December 29, 2023, when President Biden signed the Consolidated Appropriations Act, 2023 [H.R. 2617], which included the ABLE Age Adjustment Act.
The IRS Raises Annual Contribution Limit for ABLE Accounts
Contribute up to $17,000 to an IL ABLE Account
Starting January 1, 2023, the Annual Contribution Limit for ABLE accounts increased to $17,000 from the previous limit of $16,000. This amount includes contributions for all sources including Account Owners, family members, friends and other third parties. Anyone can contribute to an IL ABLE Account, as long as total contributions do not exceed $17,000 per year.
Read More “The IRS Raises Annual Contribution Limit for ABLE Accounts”
Authorized Individuals and IL ABLE Accounts
What you need to know about acting on behalf of an Account Owner
Authorized Individuals often play a vital role in IL ABLE Accounts. They can open IL ABLE Accounts for eligible children and adults who are not able to open and manage the Account for themselves. Additionally, Account Owners with legal capacity may select an Authorized Individual to manage their Account.
Maximize IL ABLE Account Benefits
There is still time to contribute for 2022
It’s hard to believe that 2022 is coming to a close, but there is still time to open or contribute to an IL ABLE Account to take advantage of these benefits before the year is over.
Illinois Treasurer on the Road and on the Airwaves
Spotlight on how IL ABLE empowers people with disabilities
In October, which was National Disability Employment Awareness Month, Illinois State Treasurer Michael Frerichs took to the road and across the airwaves to meet with people and share information about IL ABLE, a program that empowers persons with disabilities who are working to save more and maintain their public benefits.
Read More “Illinois Treasurer on the Road and on the Airwaves”
IL ABLE Rolls Out Important Changes on November 20
What you need to know
On November 20, 2022, the IL ABLE Plan will roll out Plan changes to conform to the Internal Revenue Service’s rules for ABLE programs. Here are some important things you need to know:
Read More “IL ABLE Rolls Out Important Changes on November 20 “
Thank You from IL ABLE
Dear Account Owners and their supporters,
Thanksgiving is upon us and we at IL ABLE want to say Thank You to all of the Account Owners (and their Authorized Individuals) who save and invest with IL ABLE Accounts.