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
- How can I use the money in my ABLE account?
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You can withdraw money from the account and use it for eligible expenses, which includes most costs associated with living with a disability. See the list of approved categories of qualified disability expenses for more details.
- What is a qualified disability expense?
- There’s a wide range of eligible expenses that cover most costs associated with living with a disability. Some of these include: living expenses, education, housing, transportation, employment, vacation, job training, career support, assistive technology, personal support services, health,... Read more
- Can I use funds to pay for housing or rent?
- Yes, you can use money from an ABLE account for housing expenses. If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like... Read more
- How do I prove an eligible expense?
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Keep your receipts and documentation for all eligible expenses in case the IRS wants to see them. We don’t need proof of your expenses, but you should have it for your records.
- What happens if I withdraw money for a non-eligible expense?
- You’ll have to pay taxes on any non-eligible expense, plus a 10% penalty on the earnings portion of the withdrawal. A withdrawal used for a non-eligible expense, or for housing expenses even if they are qualified disability expenses, could affect your eligibility for Supplemental Security Income... Read more
- Will having an account make me ineligible for Medicaid?
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No. Having an ABLE account doesn’t count towards your eligibility for Medicaid regardless of the amount saved in the account.