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 is the ABLE Act?
- The Stephen Beck, Jr. Achieving a Better Life Experience Act is federal legislation, signed by President Obama on December 19, 2014 (Public Law 113-295), creating tax-advantaged savings accounts for people with disabilities. The Maryland ABLE Act (2016 Maryland Laws Ch. 39 (H.B. 431)) was signed... Read more
- What does the ABLE Act do?
- It gives states the opportunity to develop tax-advantaged savings programs for eligible people with disabilities. These saving programs provide the opportunity for people with disabilities to maintain eligibility for federal and state benefits while saving money to cover qualified disability... Read more
- What are ABLE accounts?
- ABLE accounts are tax-advantaged savings programs for eligible people with disabilities. They are established under the name of the beneficiary (i.e. the person with a qualified disability). Each person can only have one ABLE account. Assets in an ABLE account grow tax-free and can be withdrawn... Read more
- What is ABLE to Work?
- The ABLE to Work Act allows beneficiaries who are employed to contribute an amount equal to the Beneficiary’s compensation for the taxable year (up to a maximum of $14,580 in 2024) each year to their ABLE accounts in addition to the annual standard contribution limit of $18,000. You can make an... Read more
- 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
