Each beneficiary account is treated separately. Every account is subject to a separate $15,000 annual contribution limit (or more if the beneficiary has earned wages for that year), and each ABLE account will receive separate tax documents.
No, tax benefits for ABLE accounts and 529 plan accounts are aggregated for tax purposes by contributor, not by ABLE account or 529 plan. Anyone who contributes to one or more ABLE accounts or 529 plans with beneficiaries under the age of 21, can receive tax benefits up to the maximum allowable amount for that tax year. Contributions to an ABLE Account with a Beneficiary under the age of 21 are deductible for Oregon income tax purposes up to annual limits. For 2019, the State Tax Deduction is $4,865 for taxpayers filing jointly and $2,435 for single filers. Earnings on contributions of participants are exempt from state income taxation. There is no Oregon state income tax on Qualified Withdrawals or Rollovers.
Yes, we’ve made it even easier to access and handle ABLE funds by allowing you to securely login and connect multiple bank accounts. This makes it easier to manage and grow your ABLE account, and have more control over how to withdraw funds for eligible expenses.
Once you’re logged into your ABLE account, find your “Accounts” section in Your Profile and click on “Add a new bank account.” Follow the steps to connect a new bank account associated with either the beneficiary of the ABLE account or the Authorized Legal Representative’s name. Keep in mind that you won’t be able to withdraw money from a new bank added within 30 days so that we can verify the information you gave us.
You have plenty of options when it comes to managing multiple banks and/or beneficiaries. If you’re an ALR of more than one account, you can use the same banking information on multiple ABLE accounts as long as you own or are the Authorized Legal Representative on those ABLE accounts. Otherwise, each beneficiary can use one or more bank accounts that’s either in their or the ALR’s name.
You can enroll in the national ABLE for ALL Savings Plan, which is available to all eligible U.S. citizens. The Oregon ABLE Savings Plan is only available to people living in Oregon with eligible disabilities.
You can find all the information about an ABLE account on the account detail page. The account number is at the top of that page. The rest of the information about the beneficiary’s account can be viewed and edited from this page: the address, contact info, condition, customization, money allocation and yearly goal.
If you’re an eligible beneficiary with a Representative Payee, you can open an account for yourself. To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (Power of Attorney, Legal Guardian, Conservator or parent of a beneficiary under the age of 18). Because the role of Representative Payee is specific and unique to social security benefits, it doesn't apply to ABLE plans without Limited Power of Attorney. Find out more about who can open an account.
If you’re the beneficiary of an account, or an Authorized Legal Representative, you can update your address directly from your profile, accessible through the dashboard. As an ALR, you can manage a beneficiary’s address (where all statements and communications are sent if you select to receive them by snail mail), by editing the account information in the account details. When you update an ABLE account’s address, there’s a 30-day hold for all check withdrawals requested with the Withdrawal Form or by calling customer service. Withdrawals made online are not affected.
Gift contributions count towards your standard contribution limit for the year. Friends and family will be prevented from making gift contributions that go beyond the gifting limit you set, but gift contributions could also be capped by contributions you make.For example, if your gifting limit is set to $15,000, but you make a $2,000 standard contribution to your ABLE account, you can only receive $13,000 in gift contributions from friends and family.You'll be prompted to set up a gifting limit when you set up your gifting page.The progress made toward your gifting limit is shown on your gifting page as a percentage. Don’t worry, friends and family can’t see the actual dollar amount you’ve collected. If you don't want anyone to see your progress you can check the "Don't show gifting ...
The next time you make a contribution or a withdrawal, the money will be distributed to help you reach your original target allocation.Let’s say your target allocation is 70% invested and 30% in cash. If you contribute $100 to start off the account, $70 will be invested. Overtime, that investment could grow to be $80. Now, your total balance is $110 and your allocations are 72% invested and 28% in cash, because an investment can grow quicker than cash.In this instance, money will be added to the cash option first to help it go back to 30%, and the rest of the money will be allocated based on your target allocation The same thing happens when you withdraw money. The goal is to maintain your original target allocation.
Any disability that qualifies for SSI or SSDI or blindness that developed before the age of 26 is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on the level of severity include: blindness, Down Syndrome, hearing loss (deafness), epilepsy, autism/Asperger and more. Those who don’t receive social security benefits are still eligible if they can get a signed Diagnosis Form from a licensed physician.
In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. Remaining funds will be transferred to the estate of the beneficiary. Due to the passage of Senate Bill 1027 during the 2017 legislative session, Medicaid in Oregon is restricted from filing a claim for a payback on funds that were previously in an ABLE account of a deceased beneficiary. Medicaid Payback is governed at the federal level and, out of an abundance of caution, it is suggested to assume funds could still be recovered by Medicaid.
The money in the account generally isn’t considered an asset for state and federal benefit purposes. For SSI benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 asset limit.
To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative is the manager. If you want to change the Authorized Legal Representative for the account, give us a call at 1-844-999-2253, 9-5 PT or 1-844-888-2253 for TTY, 6-5 PT.
You can make withdrawals of at least $10 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. If you request a check, a $2.50 fee will be deducted from the check amount. You’ll get the payment in 5-7 business days. If you request a full withdrawal, your account will still be open and active, but the balance will be $0 until you add money to it. To close the account for good, give us a call.