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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.

When is IRS form 5498-QA available?

The plan administrator must send the 5498-QA by March 15, so you should receive the form no later than late March following the close of the tax year. You will receive it via mail or electronic delivery based on communications preferences.

What do I need to do with my IRS Form 5498-QA form?

Keep this form in your records for future reference. You're not required to file it with your tax return.

Can I connect more than one bank account or type of account?
Yes, you can connect more than one bank account as well as multiple types of bank accounts. Each account and type will need to be connected individually, but you can have both savings and checking accounts linked to your account at one time. The Account Owner/Custodian or Beneficiary must own the... Read more
How can I connect a bank account?
Log in to your account, go to the “Settings” tab and click on the “Add a new bank” button. Follow the steps to link a new bank account by connecting via Plaid or manually adding an account. Keep in mind that you won’t be able to withdraw money to a newly added bank account immediately. There is a... Read more
Is the ABLE account considered part of the estate after the death of a beneficiary?
Yes. As part of the estate, funds in the ABLE account are subject to federal estate tax. After the death of the beneficiary, the remaining funds will be taxed and can be used to pay any outstanding qualified disability expenses of the decedent and any State claim under section 529A(f) before they... Read more
What is a successor designated beneficiary?

A successor for an ABLE account must be a sibling, step-sibling, or half-sibling of the Account Owner and must also qualify for an ABLE account. A successor must be added to the account before the death of the beneficiary.