No

An account owner must be an eligible individual under Section 529A as well as a U.S. Citizen or resident alien with a SSI/TIN number and valid permanent U.S. street address.

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.

Annual contribution limit is currently $19,000 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 2025, this amount is $15,060. 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.

No additional contributions may be made for the benefit of an account owner when the fair market value of the account exceeds the account balance limit of $500,000. Accounts that have reached the account balance limit may continue to accrue earnings, although future contributions may not be made to such accounts. If however, the market value of such account falls below the account balance limit due to market fluctuations and not as a result of withdrawals from such account(s), additional contributions will be accepted.

The initial and additional contribution minimum is $25.

Select among 7 portfolio options: Aggressive Option, Moderately Aggressive Option, Growth Option, Moderate Option, Moderately Conservative Option, Conservative Option or Money Market Option.

A checking option with Fifth Third Bank, which invests 100% of its assets in an FDIC-insured checking account.

None

$56, assessed at $14 per calendar quarter. The Annual Account Maintenance Fee will be $31.00 if Electronic Delivery is established for the Account, and will be withdrawn from the Account in the amount of $7.75 quarterly. The Plan may also reduce the Annual Account Maintenance Fee an additional $5.00 per year if the Account Owner or Authorized Individual is a resident of the State.

$2 monthly service charge for investments in the Checking Option, waived for accounts with an average daily balance of more than $250.

0.26%; none for Checking Option

Ranges from 0.05% to 0.10%, depending on the investment option chosen

0.31% - 0.36%, depending on the investment option chosen.

None, but a $25 fee applies to all outgoing wires and priority delivery service.

None

None, Illinois taxpayers can contribute to any IL ABLE account and take a state tax income tax deduction -- up to $10,000 if filing as an individual or $20,000 if filing jointly.

None

If a withdrawal is taken from an account to pay for qualified disability expenses, the account owner generally does not have to include as income any earnings attributable to that withdrawal for the applicable taxable year if the total withdrawals for that year are less than or equal to the total withdrawals for qualified disability expenses for that year.

Illinois follows federal tax-free treatment of rollovers, though tax-free rollovers are restricted to once per 12-month period.

The CMS guidance can be found at Implications of the ABLE Act for State Medicaid Programs on the CMS website. Please consult with your state's Medicaid office with any additional questions.

Under Section 529A, following the death of the account owner, any state may file a claim against the account owner or the account itself for the amount of the total medical assistance paid for the account owner under the state's Medicaid plan after the establishment of the account (or any ABLE account from which amounts were rolled or transferred to the current account). The amount paid in satisfaction of such a claim is not a taxable withdrawal from the account. Further, the amount is to be paid only after the payment of all outstanding payments due for the qualified disability expenses of the account owner and is to be reduced by the amount of all premiums paid by or on behalf of the account owner to a Medicaid Buy-In program under that state's Medicaid plan.

Not at this time

Withdrawals will be sent by check or ACH to the account owner at the address on the account or a third party designated by the account owner.

Accepts requests to transfer account ownership provided the appropriate form and any additional requested documentation is submitted to the plan.

Yes

Yes

il.clientservice@savewithable.com