As long as the money in your Maryland ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes.
If a purchase doesn’t qualify as an eligible expense, you’ll have to pay taxes and a 10% penalty on the earned portion of the money withdrawn. If you want to know more about the IRS regulations, you can find info here.
Once you are ready to enroll, you can set up your account here online. When opening a Maryland ABLE account, make sure you have ready identifying information about the beneficiary, the qualifying disability, and how the ABLE account will be funded.
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Here are a few ways to get answers. You can contact us online, give us a call Monday through Friday, at 1-855-563-2253 from 9am-8pm ET, or you can browse frequently asked questions.
Individuals with speech or hearing disabilities may dial 711 to access Telecommunications Relay Service (TRS) from a telephone or TTY.
