No problem. You can delete it anytime you want, and the contributions that have previously been gifted (including pending contributions) will stay in your account. Just sign into your account, go to your “account overview” and click on the gifting module. Select “Edit this page” and then click “Delete this page”. Once you’ve deleted your gifting page you’ll be able to set up a gifting page again in the future if you want.
Gift contributions count towards your standard contribution limit for the year. Friends and family will be prevented from making gift contributions that go beyond the gifting limit you set, but gift contributions could also be capped by contributions you make.For example, if your gifting limit is set to $15,000, but you make a $2,000 standard contribution to your ABLE account, you can only receive $13,000 in gift contributions from friends and family.You'll be prompted to set up a gifting limit when you set up your gifting page.The progress made toward your gifting limit is shown on your gifting page as a percentage. Don’t worry, friends and family can’t see the actual dollar amount you’ve collected. If you don't want anyone to see your progress you can check the "Don't show gifting ...
To contribute online, first make sure the recipient has set up their gifting page. Then, use their gifting page link to fill out the form fields as directed — it’s just the usual stuff, like your name, address, the amount you want to contribute, whether you want to pay by debit or ACH, and the occasion for your generosity.
When a gift contribution has finished processing you’ll get an email letting you know someone contributed to your account, all processed gift contributions will also appear in your activity feed. Please keep in mind, any gift contributions made through an online gifting page will not be available for withdrawal for 30 business days.
It depends on the method of payment you choose:Debit cards fees are 2.9% of the contribution + $0.30. There is no fee for bank account (ACH) gift contributions.Using the paper gifting form to contribute by mailing in a paper check is also fee-free.
Once you’ve set up your gifting page, anyone who has a link to it can contribute towards your goal. You can also give friends and family a Gifting form if they’d like to mail a check contribution.Keep in mind that gift contributions count toward your yearly standard contribution limit. So, if you’ve already reached it, your page will remain public, but no one can contribute again until next year.If you want to further cap the amount friends and family can contribute, you can set a gifting limit.
To create a gifting page:Sign in: Click the gifting link on your account overview page.Set a gifting limit: You can decide to cap the amount of gift contributions you receive each year so that you can add more money to your ABLE account.Review & Publish: Get a preview of what it will look like when someone visits your gifting page and click on “Go Live” if everything looks good.Share: Once your page is created, you’ll get a direct link to it that you can post directly on social media or send to friends and family.Receive Contributions: You’ll get an email to let you know every time someone makes a gift contribution to your account.
Yes, you can rollover money from a 529 college savings account into a beneficiary’s (or family member’s*) ABLE account without being penalized.There is a $15,000 rollover limit (less the current tax-year ABLE contributions).You can use the appropriate 529 College Savings to ABLE Rollover Form.*The family member must be considered a qualified “Member of the Family” as defined by the Section 529 of the Internal Revenue Code, which includes: biological and step parents, aunts, uncles, siblings, children, first cousins, nieces and nephews; parents, siblings, children, nieces and nephews by marriage; legally adopted children; and half-brothers or half-sisters of the 529 college savings account Beneficiary.
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 $12,060 each year to their ABLE accounts in addition to the annual standard contribution limit of $15,000.You can make an ABLE to Work contribution online or by using the Contribution Form.Keep in mind that, if the beneficiary or their employer is contributing to a retirement plan, including a defined contribution plan (e.g. 401(k)), annuity plan (403(b)), or deferred compensation plan (457(b)) this calendar year, the beneficiary is not eligible to make ABLE to Work contributions.
If a beneficiary no longer meets eligibility requirements, they no longer qualify for an ABLE account and they (or their account manager) should sign in to their account’s settings and update their eligibility. Their account will remain open and they can continue to use the account until the end of the year, but will no longer be able to sign up for a prepaid card account. After the end of the year, they stop being eligible, no new contributions (including automatic transfers) will be allowed and account withdrawals will be treated as non-qualified withdrawals. The earnings portion of non-qualified withdrawals is subject to income taxation and to a 10% federal tax penalty, and non-qualified withdrawals may affect eligibility for SSI and other federal benefits. The account will ...
To help friends and family grow a loved one’s ABLE account, we created a special Gifting Form to facilitate the process. Fill out the information about the beneficiary and their ABLE account, and include a check of at least $10 made payable to the Maryland ABLE with the amount you want to gift. The money will go directly into their ABLE account, without affecting their benefits. Then, mail the check and the top part of the form to the address included. As a final step, you can give the detachable gift certificate to the beneficiary for their records. You can also allow friends and family to contribute to an ABLE account by creating an online gifting page.
A person with any disability that qualifies for SSI or SSDI or blindness that developed before the age of 26 is eligible for an account. Some of the conditions recognized by the Social Security Administration that could qualify based on the level of severity include: blindness, Down Syndrome, hearing loss (deafness), epilepsy, autism/Asperger and more. Those who don’t receive Social Security benefits are still eligible if they are able to get a signed Diagnosis Form from a licensed physician.
You must self-certify that you have a licensed doctor’s diagnosis and signature or that you have a signed letter from a licensed doctor confirming that you meet the qualifying disability criteria. Proof of documentation could be requested for any audit completed by the Internal Revenue Service.
A diagnosis from a licensed doctor of blindness or a physical or mental impairment which results in “marked and severe functional limitations” lasting for a continuous 12 months or longer or which can be expected to result in death. The certification must state that the disability occurred before the date on which the beneficiary turned 26, and include the individual’s diagnosis signed by a licensed physician.
You have plenty of options when it comes to managing multiple banks and/or beneficiaries. If you’re an ALR of more than one account, you can use the same banking information on multiple Maryland ABLE accounts, as long as you own or are the Authorized Legal Representative (ALR) of those accounts. Otherwise, each beneficiary can use one or more bank accounts in their or the ALR’s name.
Yes, you can open and manage multiple accounts for beneficiaries if you are their Authorized Legal Representative. Remember that each beneficiary can have only one ABLE account open at a time. Each Maryland ABLE account can be connected to one or more bank accounts but can only be linked to one prepaid card (when available).
There can only be one Authorized Legal Representative per account, but you can transfer an ALR by filling out this form or calling us at 1-855-5MD-ABLE (1-855-563-2253) from 9am-5pm ET or 1-844-888-2253 (TTY) from 9am-8pm ET.
Once you are ready to enroll, you can set up your account here on line. When opening a Maryland ABLE account, have ready information about the beneficiary, qualifying disability, and how the ABLE account will be funded.
Here are a few ways to get answers. You can contact us online, give us a call Monday through Friday, at 1-855-563-2253 from 9am-5pm ET or 1-844-888-2253 (TTY) from 9am-8pm ET, or you can browse frequently asked questions.