FAQs
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- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Info
- Can I still work and have an account?
- Yes. With the ABLE to Work Act you can even contribute up to an extra $14,580 to your ABLE account if you are working, in addition to the yearly contribution limit of $18,000. Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not protect against... Read more
- Can a Social Security Representative Payee open an ABLE account for a beneficiary?
- 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 (anyone who is selected by the eligible beneficiary with legal capacity,... Read more
- Can I sign up if I live out of state?
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You can enroll in the national ABLE for ALL Savings Plan, which is nationwide. The Oregon ABLE Savings Plan is available only to people living in Oregon with eligible disabilities. You must have a Social Security Number (SSN) or Tax ID Number (TIN) to open an account.
- Who can open an ABLE account for an eligible beneficiary?
- An adult beneficiary with a qualifying disability can open and manage an ABLE account. If a beneficiary is under the age of 18 or unable to open an account on their own, they must have an Authorized Legal Representative (also known as an ALR) do it for them. An ALR must be Power of Attorney, the... Read more
- How will transfers show up in my bank account?
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All types of transfers usually take between 2-7 business days to complete and will appear as Vestwel on your bank account statements.
- What happens if the beneficiary is no longer eligible for an account?
- When you no longer qualify, you should log in to your ABLE account, go to settings, and update your eligibility. If the beneficiary meets eligibility requirements for any part of the calendar year, they are considered to be qualified for the entire year. Your account will remain open and the money... Read more
- What is the Oregon income tax credit?
- All Oregon taxpayers who contribute to one or more Oregon ABLE Savings Plan accounts can receive tax benefits up to the maximum allowable amount for that tax year. They can receive a state income tax credit up to $360 for joint filers and up to $180 for single filers on contributions made to an... Read more
- What kind of benefits do I get?
- One of the main benefits of having an ABLE account is being able to save for eligible expenses and invest for the future in a tax-advantaged account. The account’s growth is tax-free and you may qualify for a state income tax deduction, depending on where you live, As long as your balance stays... Read more
- What type of disabilities qualify for an account?
- Any disability that meets the disability criteria for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), and 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... Read more
- What tax credits could I qualify for?
- You can earn up to $360 in the form of a refundable tax credit on your Oregon state income taxes for your Oregon ABLE contributions. Learn more here. Some ABLE savers qualify for the Saver’s Credit on their federal taxes. Learn more about who qualifies at the IRS’s website. Many savers also likely... Read more
