We don’t need proof of your expenses, but you should have it for your records as the IRS may require you to provide proof of qualified disability expenses in the case of an audit.If you sign up for a Prepaid Card, you can review and manage your card activity online from your separate prepaid account. This will help keep track of your purchases, but you’ll still need to save your receipts in case the IRS asks for them.
You can use money from an ABLE account for housing expenses. If you’re eligible for SSI, the money must be used within the month it was withdrawn so it doesn’t count as income for the month in determining your SSI eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8.
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 could affect your eligibility for SSI benefits, Medicaid or other much-needed benefits under federal or state programs, as could a withdrawal that is applied to a housing expense in any month after the month of the withdrawal.
Maybe. Qualified disability expenses may differ from beneficiary to beneficiary depending on their disability. A vacation could qualify as an eligible expense if it maintains or improves the health, independence, or quality of life of the person living with a disability.
A "qualified disability expense" means any expense related to the beneficiary as a result of living a life with disabilities. These may include education, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management and administrative services and other expenses which help improve health, independence, and/or quality of life.
You can withdraw money from the account and use it for eligible qualified disability expenses which includes most costs associated with living with a disability. See the list of approved categories for more details. You can also sign up for an ABLE prepaid card and load money from an account and use it to pay for qualified disability expenses online or in stores all over the U.S. Prepaid Cards for the Maryland ABLE program will be available by the end of March, 2018.
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.