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.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 The account will close if all the money is withdrawn. If the beneficiary begins to ...
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.
If you’re the beneficiary of the account, make sure you have this information handy: Your email. Your birthday. Social Security Number or Tax Identification Number. Contact details. Proof of eligibility. If you’re an Authorized Legal Representative, you’ll need your information (email, birthday, SSN or Tax Identification Number, contact details and work status). You’ll also need to know the beneficiary’s eligibility info and provide documentation of a valid Power of Attorney or Legal Guardianship, unless you’re the parent of a beneficiary under the age of 18. If the beneficiary is not eligible for SSI or SSDI benefits, they need a signed Diagnosis Form from a licensed physician. You won’t need to provide it for registration, but the IRS or the ...
The test for determining eligibility for an ABLE account is found in Section 529A of the Internal Revenue Code. To be eligible, the onset of the disability must be before age 26. A person who is entitled to benefits such as Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) or provides a “disability certification” is eligible. If you meet the age criteria and are already receiving benefits under SSI and/or SSDI, you are eligible to establish an ABLE account.
To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (as a Power of Attorney, parent or legal guardian). Because the role of Representative Payee is specific and unique to Social Security benefits, it doesn't apply to ABLE plans without a valid Power of Attorney.
ABLE accounts can be opened for eligible U.S. citizens and legal residents living in any state in the United States, regardless of whether the state has an ABLE program. An adult beneficiary with a qualifying disability can open and manage a Maryland ABLE account or have an Authorized Legal Representative do it for them. If a beneficiary is under the age of 18, they must have an Authorized Legal Representative (also known as an ALR) open an account for them. An ALR must be able to show a valid Power of Attorney, Legal Guardianship documentation, or be a parent of a beneficiary under the age of 18. A Social Security Representative Payee does not qualify as an ALR and cannot open an account for an eligible beneficiary unless they also have a valid Power of Attorney. Learn more ...
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 or 1-844-888-2253 (TTY) from 9am-8pm ET, or you can browse frequently asked questions.