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 roll over a 529 College Savings Plan into my ABLE account?
- Yes, you can roll over money from a 529 College Savings Plan into an ABLE account without penalties. The person with a disability (or a family member*) needs to be listed as the beneficiary of the 529 account. You can roll over money from any 529 account into Oregon ABLE. You can use the... Read more
- What is ABLE to Work?
- Employed people with disabilities can save more than the annual contribution limit thanks to ABLE to Work. For 2024, they can save $18,000 as a standard contribution. With ABLE to Work, they can save an additional amount up to either (1) $14,580; OR (2) the beneficiary’s wages for the year –... Read more
- Why is there an extra fee for the ABLE Prepaid Card?
- We know our ABLE savers use their accounts differently from one another. Some are using their accounts to pay for their everyday living expenses. Others are saving up for larger purchases, like a down payment, that will take years of saving to achieve. We decided not to wrap the ABLE Prepaid Card... Read more
- Do my ABLE savings affect my FAFSA?
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Nope. Money saved in an ABLE account does not count as an asset on your Free Application for Federal Student Aid (FAFSA). Plus, your ABLE account can help you pay for those education expenses.
- Can organizations manage an ABLE account?
- Yes. We have a new process that allows organizations (like service providers, professional guardians, or representative payees) to act as Authorized Legal Representative (ALR) manage multiple Oregon ABLE accounts. It is up to the person with a disability to decide if they want an organization to... Read more
- Who owns the account?
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If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative (ALR), such as a parent or guardian, opened and managed the account for a beneficiary, the money still belongs to the beneficiary.
- Can I transfer an existing ABLE account into my Oregon ABLE Savings Plan?
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Yes, you can use the ABLE to ABLE rollover form to get started. Keep in mind that you can make only one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.
- How does the account work?
- Everything can be managed online. The money can be saved in a cash option and/or invested in one of the three investment options offered: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. These choices are made during the account setup. By law, you can make investment changes on your account... Read more
- 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
