As Maryland ABLE celebrates its first year of operations there have been 949 people who have opened accounts and saved and invested over $3.9 million dollars since the program opened.
A Few Facts about Maryland ABLE….
Majority of account holders reside in Montgomery County, Maryland
18 account holders are making additional contributions by taking advantage of the ABLE to Work feature of the program
11 account holders transferred money from a 529 College Savings account into their Maryland ABLE account
57 account holders have chosen to utilize the Maryland ABLE Prepaid MasterCard feature
In its first year of operation ABLE has seen several changes in both federal and state law. Federal changes to tax laws have resulted in:
Annual Contribution Limit Increase from $14,000 to $15,000
ABLE Financial Planning Act: Provides the opportunity to transfer funds from a 529 College Savings Plan into an ABLE account
ABLE to Work Act: Provides the opportunity for Beneficiaries who are working and do not contribute to a retirement plan to contribute additional money each year.*
State changes include revisions of the State law to address the federal Medicaid payback provision. Maryland Medicaid will not seek repayment from a Maryland ABLE account of medical assistance paid by Maryland Medicaid for the designated beneficiary unless federally mandated to do so.
Maryland ABLE has continued to enhance its program throughout its inaugural year. New features such as online gifting and a prepaid MasterCard are now available to account holders making it easier to receive and transfer money.
We are committed to continuing to develop the best program to serve people with disabilities who have a Maryland ABLE account. If you have feedback about the program or ideas that you would like to share, please contact us at firstname.lastname@example.org
* Limits ADDITIONAL contributions equal to the beneficiary’s gross income for the current year up to $12,060 for 2018. It will be $12,160 in 2019.