Frequently Asked Questions
Scroll down to see answers to things we get asked a lot. If you're looking for something specific, enter or choose a keyword below.
- About ABLE
- ALR
- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How the account works
- Linking bank accounts
- Opening an account
- Qualified expenses
- Successors and Estates
- Tax benefits
- Can I roll over a 529 College Savings Plan into my ABLE account?
- Yes, you can roll over money from a 529 college savings account into a beneficiary’s (or family member’s*) ABLE account without being penalized. There is a $18,000 rollover limit (less the current tax-year ABLE contributions). You can use the appropriate 529 College Savings to ABLE Rollover... Read more
- What changes have been made to prepaid card accounts?
- We have transitioned to a new, exciting prepaid card option for our customers, and we want to make you aware of some changes to your account. Since we have phased out your old prepaid card, when you log into your account, the Card section will be removed. Your past prepaid card transaction... Read more
- How much can I contribute yearly?
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Unless eligible for ABLE to Work, each account can only receive up to $18,000 in calendar year 2024. Contributions to the account made by anyone are post-tax dollars.
- How do I set up SSA direct deposits?
- Complete the setup process in three simple steps: Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile. Or, once logged in, go to “Transfers > Direct Deposit.” Enter your information and retrieve your direct deposit details that can be provided to the SSA —... Read more
- What if I already receive direct deposit payments from the SSA in a different account?
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To switch the account you receive your direct deposits in, you will need to update your settings with the SSA. You can update your deposit settings in your Social Security account here.
- Who do I contact for help with SSA direct deposits?
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If you need help updating your ABLE account settings or finding your account number, contact us here.
For help updating your direct deposit information with the SSA, you can reach out to their team here.
- Can employment earnings be deposited into my account through payroll direct deposit?
- Yes! Complete the setup process in three simple steps: Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile Enter your information and retrieve your direct deposit details — including a unique routing and account numbers Provide your account details to your... Read more
- What is IRS Form 1099-QA?
- If you make a withdrawal from your account, you will receive the IRS Form 1099-QA, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. This statement reports withdrawals from the ABLE account in the prior calendar year. You only receive a... Read more
- When is IRS form 1099-QA available?
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The plan administrator must send the 1099-QA by January 31, so you should receive the form no later than early February following the close of the tax year. You will receive it via mail or electronic delivery based on communications preferences.
- What is IRS Form 5498-QA?
- If you make a contribution to your account, you will receive IRS Form 5498-QA, which is a tax form that details all of the contributions you made throughout the tax year to your account. This form reports ABLE account contributions, rollovers and direct program-to-program transfers in the prior... Read more
