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• What are ABLE accounts?

  ABLE accounts are tax-advantaged savings programs for eligible people with disabilities. They are established under the name of the beneficiary (i.e. the person with a qualified disability). Each person can only have one ABLE account. Assets in an ABLE account grow tax-free and can be withdrawn...

• What are the documentation requirements?

  You must self-certify that you have a licensed doctor’s diagnosis and signature or that you have a signed letter from a licensed doctor confirming that you meet the qualifying disability criteria. Proof of documentation could be requested for any audit completed by the Internal Revenue Service.

• What are the lifetime contribution limits?

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

• What are the tax laws that govern ABLE accounts?

  The ABLE Act was modeled after the 529 college savings tax code. The ABLE Act adds ABLE Accounts under Section 529A of the IRS tax code.

• What changes have been made to prepaid card accounts?

  We have transitioned to a new, exciting prepaid card option for our customers, and we want to make you aware of some changes to your account. Since we have phased out your old prepaid card, when you log into your account, the Card section will be removed. Your past prepaid card transaction...

• 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.

• What do I need to open an account?

  If you’re the beneficiary of the account, make sure you have this information handy:  Your email.  Your birthday.  Social Security Number (SSN) or Tax Identification Number.  Contact details.  Proof of eligibility.  If you’re an Authorized Legal Representative, you’ll need your information...

• What does eligible mean?

  The test for determining eligibility for an ABLE account is found in Section 529A of the Internal Revenue Code.  To be eligible, the onset of the disability must be before age 26.  A person who is entitled to benefits such as Supplemental Security Income (SSI) or Social Security Disability...

• What does the ABLE Act do?

  It gives states the opportunity to develop tax-advantaged savings programs for eligible people with disabilities. These saving programs provide the opportunity for people with disabilities to maintain eligibility for federal and state benefits while saving money to cover qualified disability...

• What happens if I no longer want to have an online gifting page for my account?

  No problem. You can delete it anytime you want, and the contributions that have previously been gifted (including pending contributions) will stay in your account.  Just sign into your account, go to your “account overview” and click on the gifting module. Select “Edit this page” and then click...