• 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.

  • What is ABLE to Work?

    The ABLE to Work Act allows beneficiaries who are employed to contribute an amount equal to the Beneficiary’s compensation for the taxable year (up to a maximum of $13,590 in 2023) each year to their ABLE accounts in addition to the annual standard contribution limit of $17,000.  You can make an...

  • What is considered to be a “qualifying expense”?

    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...

  • What is disability certification?

    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...

  • What is IRS Form 1099-QA?

    If you make a withdrawal from your account, you will receive the IRS Form 1099-QA, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. This statement reports withdrawals from the ABLE account in the prior calendar year. You only receive a...

  • What is IRS Form 5498-QA?

    If you make a contribution to your account, you will receive IRS Form 5498-QA, which is a tax form that details all of the contributions you made throughout the tax year to your account. This form reports ABLE account contributions, rollovers and direct program-to-program transfers in the prior...

  • What is the ABLE Act?

    The Stephen Beck, Jr. Achieving a Better Life Experience Act is federal legislation, signed by President Obama on December 19, 2014 (Public Law 113-295), creating tax-advantaged savings accounts for people with disabilities. The Maryland ABLE Act (2016 Maryland Laws Ch. 39 (H.B. 431)) was signed...

  • What is the fee structure for the MD accounts?

    The complete fee structure is found in the Maryland ABLE Program Disclosure booklet.

  • What is the maximum annual contribution?

    The total annual contributions by you, family and/or friends for calendar year 2023 are $17,000. 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...

  • 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...

Sign up and start saving

Once you are ready to enroll, you can set up your account here online. When opening a Maryland ABLE account, make sure you have ready identifying information about the beneficiary, the qualifying disability, and how the ABLE account will be funded.

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Have Specific Questions?

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-8pm ET, or you can browse frequently asked questions.

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