General InformationDownload PDF Report
Ohio House Bill 155 implements the federal ABLE Act in Ohio. The Office of Ohio Treasurer Josh Mandel administers STABLE Accounts. STABLE Accounts have been developed pursuant to Section 529A of the Internal Revenue Code of 1986, as amended ("Section 529A"). ABLE plans established and maintained in accordance with Section 529A are intended to be used for the qualified disability expenses of a particular eligible Beneficiary.
- 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 agencyThe Office of the Ohio Treasurer of State
- Tax deductionTax deduction for single filers $4,000/yrTax deduction for joint filers $4,000/yr
- Program ManagerIntuition ABLE Solutions
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is a recent program and does not yet have a 5-Cap Rating assigned.
State residency requirements:No
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:The plan's annual contribution limit is currently $15,000 per year per beneficiary from all sources. If employed, up to $27,060 per year.There is also a lifetime account limit of $462,000, at which point no new contributions may be made.
Minimum contributions:The minimum initial contribution amount is $50.00 per STABLE Account. The minimum subsequent contribution amount is $1.00 per STABLE Account.
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:$30, $2.50 monthly per STABLE account for Ohio residents; $42, $3.50 per month per STABLE account for residents of partner states, and $3.50 per month per STABLE account for residents of all other states.
Program management fees:State administrative fee of 0.19% for Ohio and residents of partner states, 0.45% for all others.
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% for Ohio residents and partner states, depending on the selected investment option; 0.45% - 0.60%, for residents of other states, depending on the selected investment option
Fees or restrictions on the number of disbursementsNone
Taxes and other Benefits
- Tax deduction for single filers$4,000/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 are deductible for Ohio state income tax purposes, up to $2,000 per year, per STABLE Account contributed to, with unlimited carry forward.
State tax recapture provisions:None
State tax treatment of qualified distributions:If a qualified withdrawal is made from a STABLE Account, no portion of the distribution may be included in the gross income of the beneficiary for purposes of federal and Ohio state income taxes.
State tax treatment of rollovers:Ohio follows federal tax-free treatment, though tax-free rollovers are restricted to once per 12-month period.
Medicaid eligibilityUnder the ABLE Act, funds in a STABLE Account should be disregarded (i.e., treated as an excluded resource) for purposes of determining eligibility for Medicaid benefits. Additionally, suspension of SSI benefits due to a STABLE Account balance of over $100,000 (see above) 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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