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Frequently asked questions

Scroll down to see answers to things we get asked a lot. If you're looking for something specific, enter or choose a keyword below.

Is there a penalty for closing an ABLE account?


If you do not spend down the account on qualified disability expenses, you do pay a penalty at the time of closing out the account. Please see the Maryland ABLE Program Disclosure Booklet for complete information on closing an ABLE account.

What happens to the account when the beneficiary turns 65?

Nothing changes to the ABLE account when the person turns 65.

What’s the difference between an ABLE account and a Special Needs Trust?
Although both can be established to enable a person with a disability to acquire assets without jeopardizing benefits, it’s important to know that an ABLE account allows the person with the disability to open and manage the account on his/her own. The ABLE account must be used for any qualifying... Read more
Who can contribute to an ABLE account?

Anyone! A family member, friend, or you, the person with a disability, may contribute to an ABLE account. 

What is the maximum annual contribution?
The total annual contributions by you, family and/or friends for calendar year 2024 are $18,000. 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... Read more
What are the lifetime contribution limits?

Contributions can be given to a Maryland ABLE account up to a maximum account balance of $500,000.

Can an ABLE account holder put their Social Security benefits (SSI or SSDI) into their ABLE account?

Yes, a beneficiary can put their Social Security Income (SSI), Supplement Security Disability Insurance (SSDI), etc. benefits into their ABLE account up to the annual contribution limit of $18,000 for 2024.

Can I make direct deposits into an ABLE account?
Users can contribute to their accounts using fast, secure direct deposits from either the Social Security Administration or their paycheck. Complete the setup process in three simple steps: Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile. Or, once logged in, go... Read more
Can wages or other income be deposited into an ABLE account?

Yes, any income can be deposited however total annual deposits may not exceed $18,000 in calendar year 2024.