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?
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.
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.