Benefits
Protect your benefits and secure your future
Your benefits are here to stay
A Washington State ABLE account is meant to help supplement your current benefits with a way to save for eligible expenses. If you’re receiving Supplemental Security Income (SSI), you can have up to $100,000 in your Washington State ABLE account without it counting towards the $2,000 SSI asset limit. If you go over the $100,000 limit, your SSI benefits will be suspended, but you’ll still be eligible for all other benefits (such as Medicaid). Once your balance drops below the $100,000 limit, your SSI benefits will resume as normal.
Save, invest, and spend tax free
Any earnings in your account are tax-deferred. That means that you pay no taxes while the earnings stay in your Washington State ABLE account. When you withdraw funds for qualified expenses, those withdrawals are tax free.
Get more of the things you need
The money in your account can be used for a lot of everyday expenses, even housing and rent. Many costs related to living with a disability qualify as an eligible expense. The eligible expenses are geared towards improving health, independence, and quality of life.
Living expenses
Education
Housing
Transportation
Employment, training, and support
Assistive technology
Personal support services
Health, prevention, and wellness
Financial management
Administrative services
Legal fees
Oversight and monitoring
Funeral and burial costs
Keep track of your expenses
We don’t need to see your receipts, but the IRS might. You should keep documentation of your purchases in case the IRS asks for proof of how you spent the money from your account.
Non-eligible expenses
If you withdraw money from your Washington State ABLE account and don’t use the funds for qualified expenses, you’ll have to pay federal tax plus a 10% federal penalty tax on the earnings. Also, keep in mind that any non-qualified withdrawals are considered income for that month and could count against your eligibility for SSI benefits or Medicaid.