General InformationDownload PDF Report
The State of Georgia has partnered with the State of Ohio to offer Georgia STABLE, a program that offers the STABLE Account Plan to eligible Georgia residents. The STABLE Account Plan is established pursuant to Ohio law (Ohio Revised Code §113.50-§113.56) in accordance with Section 529A, and is structured and operated by the Ohio Treasurer's Office and its Service Providers.
- Program typeABLE Savings plan
- Investment ManagerMarquette Associates is the Investment Advisor, and The Vanguard Group and Fifth Third Bank are the providers of the investment options.
- State agencyGeorgia ABLE Program Corporation ("GAPC"), Georgia State Treasurer
- Tax deduction
- Program ManagerIntuition ABLE Solutions, LLC
- Manager contract termUNLOCK PRO
State residency requirements:Yes
Who can be a participant/owner in the program?An account may be opened by a qualified beneficiary under section 529A or by an authorized legal representative on his/her behalf.
Program restrictions:To be eligible for an ABLE savings plan, an individual must have been diagnosed with a disability before age 26, and be eligible to receive benefits under Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI). Individuals who are not receiving SSI and/or SSDI may still be eligible if they meet the age requirement and have been diagnosed by a licensed physician and received a letter of certification.
Did you know?
The plan can be used to pay for qualified disability expenses.
This can include education, job training and support, healthcare and financial management.
Savings in an ABLE account will not impact eligibility to receive government benefits.
The first $100,000 is exempt from the Supplemental Security Income limit, and beneficiaries will continue to receive Medicaid regardless of account size.
Residents are not limited to investing in their own state's ABLE plan.
Another state may offer a plan with better suited investment options, lower fees or preferred features.
Visit this plan's website to learn more
Maximum contributions:Annual contribution limit is currently $15,000 from all sources. If the beneficiary works, the beneficiary can also contribute part, or all, of their income to their ABLE account. This additional contribution is limited to the poverty-line amount for a one-person household. For 2018, this amount is $12,140. The designated beneficiary is not, however, eligible to make this additional contribution if their employer contributes to a workplace retirement plan on their behalf.
ABLE account beneficiaries can qualify for the Saver's Credit based on contributions they make to their ABLE accounts. Up to $2,000 of these contributions may qualify for this special credit designed to help low- and moderate-income workers.
There is also a lifetime account limit of $426,000, at which point no new contributions may be made.
Minimum contributions:The minimum initial contribution is $50.00 and the minimum subsequent contribution is $1.00.
Target-Risk Options:Select among four Investment Options: Income, Conservative Growth, Moderate Growth, Growth.
Bank Money Market Investment / Checking Option:The BankSafe Option offers FDIC insurance protection for amounts invested in the option, up to FDIC-permitted limits. The option allocates 100% of its assets to Fifth Third Bank's BankSafe Product.
Fees & Expenses
Enrollment or application fee:There is no application fee for online enrollments, but a fee of $50 will be assessed to all paper applications.
Account maintenance fee:$42, $3.50 monthly per STABLE account
Program management fees:State administrative fee of 0.19%
Expenses of the underlying investments:Ranges from 0.12% to 0.15%, none for the BankSafe option
Total asset-based expense ratio:0.19% - 0.34%, depending on the selected investment option
Fees or restrictions on the number of disbursementsNone
Taxes and other Benefits
- Tax deduction for single filers$2,000/yr
- Tax deduction for joint filers$4,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
Program match on contributions:None
State tax deduction or credit for contributions:Contributions to the STABLE Account Plan are not deductible for Georgia state income tax purposes. Earnings from the investment of contributions to a STABLE Account Plan will not be subject to Georgia state income tax, to the extent such earnings are exempt from U.S. federal income taxation under Section 529A.
State tax recapture provisions:None
State tax treatment of qualified distributions:There is no Georgia state income tax on qualified withdrawals, to the extent such transactions are exempt from U.S. federal income taxation under Section 529A. The earnings portion of a non-qualified withdrawal may be included in the Georgia income of the beneficiary and may be subject to Georgia state income tax.
State tax treatment of rollovers:There is no Georgia state income tax on rollovers, or program-to-program transfers, to the extent such transactions are exempt from U.S. federal income taxation under Section 529A.
Medicaid eligibilityUnder the ABLE Act, funds in your STABLE Account should be disregarded (i.e., treated as an excluded resource) for purposes of determining your eligibility for Medicaid benefits. Additionally, suspension of SSI benefits due to a STABLE Account balance of over $100,000 will have no effect on Medicaid eligibility.
Medicaid recapture provisionsUnder Section 529A, following the death of the beneficiary, any state may file a claim against the beneficiary or the STABLE Account itself for the amount of the total medical assistance paid for the beneficiary under the state's Medicaid plan after the establishment of the STABLE Account (or any ABLE account from which amounts were rolled or transferred to the current STABLE Account). The amount paid in satisfaction of such a claim is not a taxable distribution from the STABLE Account.
Is there a debit card/ purchasing card available, and if so, at what cost?Beneficiaries can transfer funds from STABLE Account onto the STABLE Card and use the card to pay for qualified disability expenses.
Statutory protection of an account from creditors:UNLOCK PRO
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