FAQs
Answers at your fingertips
You can scroll through the FAQs or click on a category below to scroll to that section of the page.
- About ABLE
- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How the Account Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- What is ABLE to Work?
- The ABLE to Work Act allows beneficiaries who are employed to contribute an amount equal to their current year’s gross income (up to a maximum of $14,580 in 2024) each year to their ABLE accounts in addition to the annual standard contribution limit of $18,000. You can make an ABLE to Work... Read more
- What does the ABLE Act do?
- The Federal ABLE Act gives states the opportunity to develop tax-advantaged savings programs for eligible people with disabilities. These saving programs provide the opportunity for people with disabilities to maintain eligibility for federal and state benefits while saving money to cover qualified... Read more
- Can I roll over a 529 College Savings Plan into my ABLE account?
- Yes, you can roll over money from a 529 college savings account into a beneficiary’s (or family member’s*) ABLE account without being penalized. There is a $18,000 rollover limit (less the current tax-year ABLE contributions). You can use the appropriate 529 College Savings to ABLE Rollover... Read more
- Can I still work and have an account?
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You can still work and have an Alabama ABLE account, but there are some rules and guidelines you should know about.
- What are ABLE accounts?
- ABLE accounts are tax-advantaged savings programs for eligible people with disabilities. They are established under the name of the beneficiary (i.e. the person with a qualified disability). Each person can have only one ABLE account. Assets in an ABLE account grow tax-free and can be withdrawn... Read more
- What is the ABLE Act?
- The Stephen Beck, Jr. Achieving a Better Life Experience Act is federal legislation, enacted in 2014 (Public Law 113-295), creating tax-advantaged savings accounts for people with disabilities. The Alabama ABLE Act was enacted on June 9, 2015, enabling Alabama to offer an ABLE program. The Alabama... Read more
