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 $550,000. 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 The Annual Account Maintenance Fee will be $31.00 if Electronic Delivery is established for the Account, and will be withdrawn from the Account in the amount of $7.75 quarterly.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 the Checking Option

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

0.31% - 0.36%, depending on the selected investment option

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

None

None

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.

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

Balances of $100,000 or less are excluded from account owner's SSI resource limit. Only the amount OVER $100,000 is counted against account owner's resource limit, along with assets held in non-ABLE accounts. If the NC ABLE account causes account owner to exceed the SSI resource limit, then SSI benefits will be suspended until the account balance no longer exceeds the resource limit. Account owners will continue to be eligible for Medicaid, regardless of total account balance.

To the extent provided in subsection 26 U.S.C. 529A (f), upon the death of the account owner, the state shall have a claim for payment from the account owner in an amount equal to the total medical assistance paid for the account owner after the establishment of the account. The State of North Carolina will file its claim for repayment from the account within 60 days of receiving notice from the State Treasurer of the death of the account owner. Any remaining funds in the account owner's account shall be distributed as provided in the plan disclosure documents or distributed to the account owner's estate if no other designation is made.

Yes, there are debit card and checking account features available.

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

888- 627-7503

nc.clientservice@savewithable.com