What to Know about Attainable®

Investment options
Offers various investment options professionally managed by Fidelity Investments
Tax benefits
Provides federal benefits as participants save for short and long-term expenses
May be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000)
Section 529A
Permitted under Section 529A of the Internal Revenue Code by the Achieving a Better Life Experience (ABLE) Act, enacted on December 19, 2014
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Frequently Asked Questions

What is an ABLE account?

An ABLE account is a tax-advantaged savings account for individuals with disabilities. ABLE accounts were created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014, better known as the ABLE Act.

What can I use ABLE account funds for?

Funds in ABLE accounts can be used for qualified disability expenses. Qualified disability expenses are broadly defined and include those related to the beneficiary's education, housing, transportation, employment training and support, assistive technology and related services, personal support services, health, and basic living expenses.

What are the tax advantages for an ABLE account?

Earnings in an ABLE account grow tax deferred and, when used for qualified disability expenses, are federal income tax-free.

What are the benefits of an ABLE account?

ABLE accounts foster and support the independence and quality of life of individuals with disabilities, offer various investment options, and provide federal tax benefits. These accounts also may be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000).

What disabilities qualify for an ABLE account?

Individuals that qualify for an ABLE account are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26.

The Attainable® Savings Plan does not require submission of documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus eligible individuals must retain proof in their personal records. Individuals saving in an Attainable® account will be required to certify and attest on the Attainable® account application that they meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual re-certification requirements.

Are contributions to an ABLE account limited?

Annual aggregate contributions to an account cannot exceed the federal gift tax limit ($18,000 as of 2024), unless the beneficiary is working. The ABLE to Work legislation specifies that ABLE account beneficiaries who work and earn income may now contribute over the annual limit of $18,000 into their ABLE account. The additional permissible contribution amount equals the lesser of the individual's gross income or the amount equal to the federal poverty line set for one person, currently $14,580. This additional contribution over $18,000 is only permitted if the beneficiary is not participating in his or her employer's work retirement plan.

An account balance can grow without limit, but no additional contributions can be made that cause the balance to exceed $500,000.

Can the same beneficiary have a 529 college savings account and an ABLE account at the same time? 

Yes, there is no prohibition against an individual being the owner or beneficiary of an ABLE account and the owner or beneficiary of a 529 college savings account simultaneously. Also, 529 account funds can be rolled into an ABLE account without incurring any tax or penalty. The funds rolled over from the 529 plan are subject to the annual contribution limit of $18,000 into an ABLE account. The rollover may originate from any state's 529 plan.

Are ABLE accounts tax deductible?

No, contributions to an ABLE account are not tax deductible, but earnings in the account are federally tax exempt when used for qualified expenses.

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