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
- What do I need to do with my IRS Form 5498-QA form?
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Keep this form in your records for future reference. You're not required to file it with your tax return.
- Can I connect more than one bank account or type of account?
- Yes, you can connect more than one bank account as well as multiple types of bank accounts. Each account and type will need to be connected individually, but you can have both savings and checking accounts linked to your account at one time. The Account Owner/Custodian or Beneficiary must own the... Read more
- How can I connect a bank account?
- Log in to your account, go to the “Settings” tab and click on the “Add a new bank” button. Follow the steps to link a new bank account by connecting via Plaid (Plaid is a third-party verification and authentication platform used to seamlessly connect your bank electronically) or manually adding an... Read more
- Is the ABLE account considered part of the estate after the death of a beneficiary?
- Yes. As part of the estate, funds in the ABLE account are subject to federal estate tax. After the death of the beneficiary, the remaining funds will be taxed and can be used to pay any outstanding qualified disability expenses of the decedent and any State claim under section 529A(f) before they... Read more
- What is a successor designated beneficiary?
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A successor for an ABLE account must be a sibling, step-sibling, or half-sibling of the Account Owner and must also qualify for an ABLE account. A successor must be added to the account before the death of the beneficiary, and can be added during or after enrollment.
- Where can I change my password or set up multi-factor authentication?
- Once you log in, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to Login settings. From here, you can make any changes to your account that have to... Read more
- Is there a mobile app for Maryland ABLE?
- If you already have a Maryland ABLE account, you can download the Vestwell app for iOS or Android and take your account with you on the go. You can make contributions, withdraw funds, share gifting pages, and more. Download the app today, log in using your Maryland ABLE username and password, and... Read more
- What is a gifting profile?
- For easier gifting, family and friends can create a gifting profile to save their banking information and have their own personal dashboard with easy access to review their gifting history and receipts. Creating a gifting profile Go to the unique gifting page and click on “Make a... Read more
- Can I make regular repeat contributions?
- Anyone who sends a gift can set up recurring contributions—for birthdays, holidays, or just because—and save their information in a convenient gifting profile to streamline future gifting. How to set up recurring gifts: Sign in to your gifting profile Select the recipient you would like to send a... Read more
