FAQs
Answers at your fingertips
You can scroll through the FAQs or click on a category below to scroll to that section of the page.
- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- What’s the difference between investment and cash options?
- Money saved in a cash option could earn minimal interest. The interest will fluctuate slightly based on the interest rate of the U.S. capital markets. With an investment, you can choose from three portfolios to invest in based on your needs, and there’s a risk of losing your money, even your... Read more
- Can I change how my money is allocated?
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Yes, but you are only allowed to change your money allocation and/or investment type up to two times per calendar year. Any changes will be applied to prior contributions, earnings, and future contributions.
- How do I add money?
- Once your bank is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month. You can also make a contribution by check. Make your... Read more
- How do I withdraw money?
- You can make withdrawals of at least $10 from your account online at any time. The money will be transferred to your bank account, depending on how the money is allocated.* If you want to withdraw more than $16,000 or you don’t have an online account, you can mail in a Withdrawal Form. If you... Read more
- What if I close my account?
- We'll be sad to see you go, but simply give us a call and we can help you close the account. Reach us Monday through Friday, at 1-844-600-2253, 9am-5pm PT. If an ABLE account has a $0 balance for 12 months or more it may be closed. Once an account is closed, a new account can be created by... Read more
- Can someone else access my account?
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To keep the account safe, don’t share your password or let someone else have access to your account, unless they are the Authorized Legal Representative. If you want to add, change, or remove the Authorized Legal Representative for the account, we have forms to help you with the process:
Add Authorized Legal Representative Form
- Are contributions considered to be an asset?
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The money in the account generally isn’t considered to be an asset for state and federal benefit purposes. However, for Supplemental Security Income (SSI) benefits only, you can only have up to $100,000 in the account before the funds start to count against the $2,000 asset limit.
- How do contributions and withdrawals work?
- Each time you make a contribution or a withdrawal, the money will be allocated to help you reach your original target allocation. Let’s say your target allocation is 70% invested and 30% in cash. If you contribute $100 to start off the account, $70 will be invested. Over time, that investment could... Read more
- Do I have to file separate taxes for each ABLE account?
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If you’re an Authorized Legal Representative of more than one beneficiary, keep in mind that each beneficiary’s ABLE account is treated separately and will receive separate tax documents. Please consult your tax advisor for information about whether you need to file taxes for an ABLE account.
- If I manage multiple ABLE accounts, can I transfer funds from one ABLE account to another?
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No. You can’t transfer funds from one ABLE account to another ABLE account.