FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- Does having an account affect my other benefits?
- No. You can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.) with an ABLE account. If you receive SSI, there is a $100,000 limit before funds start counting against your $2,000 asset limit. As long as the money withdrawn is used for eligible... Read more
- Can I roll over a 529 College Savings Plan into my Washington State ABLE account?
- Yes, you can roll over money from a 529 College Savings account into a Washington ABLE account without incurring federal taxes or the federal tax penalty. The rollover must be either to the same beneficiary’s ABLE account or to the ABLE account of a family member of the beneficiary. If the... Read more
- What is ABLE to Work?
- The ABLE to Work Act allows beneficiaries who are employed to contribute an amount equal to their current year’s gross income (up to a maximum of $14,580 in 2024) each year to their ABLE accounts in addition to the annual standard contribution limit of $18,000. You can make an ABLE to Work... Read more
- Are there any limits to how much I can contribute?
- Annual Standard Contribution Limit There’s a $18,000 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 The ABLE to Work Act allows beneficiaries who are employed to contribute an... Read more
- Can money in an ABLE account be recovered in a bankruptcy?
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No. Your Washington State ABLE account is excluded from a debtor’s bankruptcy estate.
- Where can I change my password or set up multi-factor authentication?
- Once you log in, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to Login settings. From here, you can make any changes to your account that have to... Read more