Contributions can be given to a Maryland ABLE account up to a maximum account balance of $350,000. As of December 1, contributions can be given to an account up to a maximum account balance of $500,000.
Anyone! A family member, friend, or you, the person with a disability, may contribute to an ABLE account. How much can I contribute yearly? Each account can receive up to $15,000 in calendar year 2018. Contributions to the account made by anyone are post-taxed dollars.
The total annual contributions by you, family and/or friends for calendar year 2018 are $15,000. This limit is tied to the federal gift tax exclusion. In future years, the IRS may change the annual amount that can be excluded from federal gift taxes, so you should consult with your tax advisor for details.
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 $12,140 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.
The money in the account generally isn’t considered an asset for state and federal means-tested benefit purposes. For SSI benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 asset limit.
Yes, monthly transfers are a great way to help a Maryland ABLE account grow to reach your yearly goal. Direct deposits, also known as monthly transfers, are automatic contributions that you can set up in just a few steps directly from your account. Look for the “Transfers” button once you’re signed in and follow the set up for Monthly Transfers.
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.