Are there any limits to how much I can contribute?

Annual Standard Contribution Limit

There’s a $15,000 yearly limit for standard contributions, which includes any gift contributions made to your account. There is a $10 contribution minimum. 

ABLE to Work Contribution Limit

With ABLE to Work, if a beneficiary is earning wages from employment, they can contribute an amount equal to the beneficiary’s current year gross income — up to $12,060 (as of 2018) each year — in addition to the yearly contribution limit of $15,000. 

If the beneficiary or their employer is contributing to a defined contribution plan (401K), annuity plan (403(b)), or deferred compensation plan (457(b)) this calendar year, the beneficiary is not eligible to make ABLE to Work contributions. 

Maximum Balance

There is a maximum balance of $500,000 for each Washington State ABLE account. Once your account reaches this limit, your account may continue to earn money, but you will not be able to make any additional contributions until your balance dips below this limit.