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
- Who do I contact for help with SSA direct deposits?
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If you need help updating your ABLE account settings or finding your account number, contact us here.
For help updating your direct deposit information with the SSA, you can reach out to their team here.
- Can employment earnings be deposited into my account through payroll direct deposit?
- Yes! Complete the setup process in three simple steps: Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile Enter your information and retrieve your direct deposit details — including a unique routing and account numbers Provide your account details to your... Read more
- What is IRS Form 1099-QA?
- If you make a withdrawal from your account, you will receive the IRS Form 1099-QA, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. This statement reports withdrawals from the ABLE account in the prior calendar year. You only receive a... Read more
- When is IRS Form 1099-QA available?
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The plan administrator must send the 1099-QA by January 31, so you should receive the form no later than early February following the close of the tax year. You will receive it via mail or electronic delivery based on communications preferences.
- What is IRS Form 5498-QA?
- If you make a contribution to your account, you will receive IRS Form 5498-QA, which is a tax form that details all of the contributions you made throughout the tax year to your account. This form reports ABLE account contributions, rollovers and direct program-to-program transfers in the prior... Read more
- When is IRS Form 5498-QA available?
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The plan administrator must send the 5498-QA by March 15, so you should receive the form no later than late March following the close of the tax year. You will receive it via mail or electronic delivery based on communications preferences.
- 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.
- 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 or manually adding an account. Keep in mind that you won’t be able to withdraw money to a newly added bank account immediately. There is a... Read more
- 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
- 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
