Michigan ABLE Account Information
- Status: Open for Enrollment
- Program Name: MiABLE
- Program Manager: TSA Consulting Group
- Program Investment Institution: Prudential Investment Advisor
- Program Website: https://www.miable.org/
- Annual Contribution Limit: $15,000.00
Michigan ABLE Account FAQs
Does this program offer enrollment to out of state residents?
Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents?
Yes; $5,000.00 of contributions are deductible for Michigan individual income tax purposes. $10,000.00 of contributions for joint filers are deductible for Michigan income tax purposes.
Who is the program administrator?
TSA Consulting Group.
Is there an initial minimum contribution requirement to open an ABLE account?
Yes. The initial minimum contribution requirement is $25.00 or $15.00 if enrolled in an Automatic Investment Plan.
Is there an annual set fee to maintain the account?
Yes. Yes. The current account maintenance fee is $45.00 annually, payable at $11.25 quarterly and a program management fee of 0.5% of the account, payable at 0.125% quarterly.
Is there a required minimum contribution to your account? If so, what is the amount?
Yes; $25.00 or $15.00 for Automatic Investment Plan.
Are there fees or restrictions to the number of disbursement you are allowed?
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
Yes. However, there may be a fee associated with rolling the ABLE account over to another ABLE program.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. However, this feature will not be available until February of 2017. There will be no additional fees associated with the card. (Except a replacement fee if the card is lost).
How many investment options are associated with the program? Do those investment options vary in risk?
There are six investment options available. These investment options range from no risk (FDIC-insured) and conservative, to aggressive with varying levels of risk, based on the risks of their underlying component investments.
Is there a fee associated with the investment choices? If so, how much?
Yes. Depending on the investment choices, the total fees range from 0.50% to 0.78%.
Are there other characteristics unique to the program?
MiABLE has the highest aggregate limit ($500K). They will have a debit card available that connects to the account. They offer a Public Contribution site (crowd funding). They offer a relatively high state tax deduction.