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Are contributions considered to be an asset?
The money in the account generally isn’t considered to be an asset for state and federal means-tested benefit purposes. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 asset limit.
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Are gift-givers charged a fee when they contribute through my page?
It depends on the method of payment you choose: Debit card fees are 2.59% of the contribution + $0.49. There is no fee for bank account (ACH) gift contributions. Using the paper Gift Form to contribute by mailing in a paper check is also fee-free.
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Are there age restrictions to open an account?
An adult beneficiary can open an account for themselves. If a beneficiary is under the age of 18, they must have an Authorized Legal Representative (also known as an ALR) do it for them. An ALR must be able to show a valid Power of Attorney or Legal Guardianship documentation, or be a parent of a...
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Are there any Federal tax deductions for ABLE contributions?
No, the Federal tax benefit is the fact that the account grows tax free, eliminating the need to pay capital gains on the money accruing in your account.
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Authorized Legal Representative
What is an Authorized Legal Representative (ALR)? An Authorized Legal Representative is someone who is legally authorized under state and federal law to make decisions on behalf of a beneficiary You’re an ALR if you: Can prove you have Power of Attorney, or are the Legal Guardian or Conservator...
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Bank Change Form
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Can a Social Security Representative Payee open an account for a beneficiary?
To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (as a Power of Attorney, parent or legal guardian). Because the role of Representative Payee is specific and unique to Social Security benefits, it doesn't apply to ABLE...
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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 $17,000 for 2023.
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Can employment earnings be deposited into my account through payroll direct deposit?
Yes! Complete the setup process in three simple steps: Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile Enter your information and retrieve your direct deposit details — including a unique routing and account numbers Provide your account details to your...
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Can I add another Maryland ABLE investment option?
Unfortunately, you can’t add an additional investment option, but you can switch the choice you’ve already made — that is, your previously chosen option — up to twice per year. To change your current investment option, simply log in to your account and “edit” your plan to make the changes you’d...