FAQs
Answers at your fingertips
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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
- Can I transfer an existing ABLE account into my Washington State ABLE Savings Plan?
- Yes, you can use the ABLE to ABLE Rollover Form to get started. Keep in mind that you can only make one rollover every 12 months and can have only one ABLE account at a time. You are allowed 60 days to rollover your assets from one ABLE account to another. An ABLE account can also be rolled over... Read more
- Who owns the account?
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The account is owned by the beneficiary, regardless of whether they opened the account or it’s managed by an Authorized Legal Representative. The funds in the account belong to the beneficiary.
- How does the account work?
- Once you confirm that you’re eligible to open a Washington State ABLE account, you can open and manage your account. During enrollment, you’ll choose to invest in at least one of four different investment approaches, based upon your investing preferences and risk tolerance. You can choose between... Read more
- How do I choose an investment option?
- You can choose to invest in at least one of four different investment approaches offered by Washington State ABLE, based upon your investing preferences and risk tolerance. You can choose between the Cash Option, the ABLE Conservative Investment Option, the ABLE Moderate Investment Option, and the... Read more
- Can I change my investment option?
- Yes, but under IRS requirements, you are only allowed to change your money allocation and/or investment type up to two times a year. Any changes will be applied to prior contributions, earnings, and future contributions. If you do make a change to your investment option, we’ll sell your units in... Read more
- What is a cash option?
- A cash option is an alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan... Read more
- 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