Illinois ABLE Account Information

 

  • Status: Open for Enrollment
  • Program Name: Illinois ABLE
  • Program Manager: Ascensus
  • Program Investment Institution: BlackRock, Schwab, and Vanguard
  • Program Website: https://savewithable.com/il/home.html
  • Annual Contribution Limit: $15,000.00

 

Illinois ABLE Account FAQs


Does this program offer enrollment to out of state residents?

Yes.

Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents?

Yes. Illinois taxpayers can contribute to any Illinois ABLE account and take a state income tax deduction of up to $10,000.00 if filing as an individual, $20,000.00 if filing jointly. Consult with a tax advisor to discuss your specific situation.

Who is the program administrator?

Office of the Illinois State Treasurer.

Is there an initial minimum contribution requirement to open an ABLE account? 

Yes. The initial minimum contribution requirement to open an ABLE account is $25.00. 

Is there an annual set fee to maintain the account? 

Yes. The quarterly account maintenance fee of $15.00 for paper statement delivery ($60.00 annually) is reduced to $11.25 quarterly ($45.00 annually) for accounts that receive electronic statements.

Is there a required minimum contribution to your account? If so, what is the amount?

No.

Are there fees or restrictions to the number of disbursement you are allowed?

No.

Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?

Yes. There are currently no fees associated with rolling over your ABLE account from one ABLE program to another ABLE program.

Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?

Yes. A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250.00 or if enrolled in electronic statement delivery.

How many investment options are associated with the program? Do those investment options vary in risk?

There are six investment options available plus a checking account option provided by Fifth Third Bank. Yes. The investment options range from Aggressive, Moderately Aggressive, Growth, Moderate, Moderately Conservative, Conservative. 

Is there a fee associated with the investment choices? If so, how much?

Yes. Depending on the investment choices, there is a total annual asset-based fee ranging from 0.34% to 0.37%.