Save for Expenses. Participate in the Community. Achieve Greater Independence
Illinois ABLE accounts make it possible for people with disabilities and their families to save and invest for expenses related to living with a disability without losing, or losing access to, federal means-tested benefits such as SSI, SSDI and Medicaid. Earnings and withdrawals are tax-free if they are spent on a broad range of qualified disability expenses including housing, health and wellness, education and training, therapy, basic living expenses and more.
- Great tax benefits: Illinois taxpayers can make a tax-deductible contribution to any Illinois ABLE account: up to $10,000 for individual filers and $20,000 for those filing jointly*
- ABLE account owners who receive SSI benefits can exceed the $2000 asset cap without losing benefits
- High-quality investment options that fit your goals and comfort level
- Popular checking account option with a real-time debit card
- Low fees
ABLE accounts solve a long-time predicament that many people with disabilities face – how to build financial wellness without risking much-needed federal government benefits.
Illinois leads the National ABLE Alliance, a 16-state consortium that represents more than one-quarter of the nation’s ABLE-eligible population and offers a best-in-class ABLE program to people with disabilities anywhere in the country.
To sign up for your ABLE account, visit the Illinois Save with ABLE website.
For more information or to open your Illinois ABLE account visit il.savewithable.com or call 888-609-8683.
For more information about Illinois ABLE call 1-888-609-8683, or visit il.savewithable.com to obtain Plan Disclosure Documents, which include investment objectives, risks, charges, expenses and other important information. Read and consider it carefully before investing.
The Illinois ABLE Plan is a Member Plan of the National ABLE Alliance and is designed to qualify as a qualified ABLE program under the provisions of Section 529A of the Internal Revenue Code. The Illinois ABLE Plan is sponsored by the State of Illinois and administered by the Office of the Illinois State Treasurer. Ascensus College Savings Recordkeeping Services, LLC (“ACSR”) serves as Program Manager for Illinois ABLE. Ascensus Investment Advisors, LLC (“AIA”) serves as the Administrator of a trust (the “Trust”) established to provide for the investment and reinvestment of the assets of Member Plans that participate in the National ABLE Alliance. Accounts in Illinois ABLE are not guaranteed or insured by the State of Illinois, the Illinois State Treasurer, the National ABLE Alliance, ACSR, AIA, Illinois ABLE, or the Trust. The Checking Option offers Federal Deposit Insurance Corporation insurance up to $250,000, subject to certain restrictions.
Illinois taxpayers may deduct up to $10,000 for an individual, $20,000 for married taxpayers filing jointly, per tax year on their Illinois state income tax return, for their total combined contributions to the Illinois ABLE Plan. The individual and jointly filed limits on deductions will apply to total contributions regardless of whether the contributions are made to a single account or to more than one account.
Investors should consider before investing whether their home state offers any state tax or other benefits that are only available for investments in such state’s qualified ABLE program, and should consult their legal tax advisor regarding their specific legal investment or tax situation.