Updated as of September 7, 2024. Follow this link to set up a Maryland ABLE account online. Alternatively, you may call 1-855-563-2253 or 1-844-888-2253 (TTY) for help setting up a Maryland ABLE account. You’ll need some information: If there is an ALR for a beneficiary over age 18, you’ll also need documentation of Power of […]
Category: Bridges Resource Library
Updated as of September 7, 2024. Where Can I Set Up an ABLE Account? Forty-four states, including Maryland, offer ABLE accounts, but you do not need to open an ABLE account in the state you live in. Seventeen states do require that you be a resident in order to set up an ABLE account under […]
Updated as of September 7, 2024. Annual Limit All ABLE accounts have an annual contribution limit ($18,000 in 2024). You may contribute less than this amount, but you may not contribute more in a single year. This amount is tied to federal gift tax exemption, and it does increase by $1,000 every few years. Special […]
Updated as of September 7, 2024. Qualified Disability Expenses (QDEs) ABLE account funds can be spent on a wide variety of items, such as: Expenses that fit into any of these categories are considered qualified disability expenses (QDEs). ABLE account distributions for QDEs are tax-free and do not affect SSI eligibility. Getting Money Out of […]
Updated as of September 7, 2024. Eligibility for an ABLE account requires the following: Age of disability onset Disability Authorized to open the account More About ABLE Accounts Comprehensive post: All About ABLE Accounts Individual topics Contact the Bridges Helpdesk for More Information This unique project is being coordinated through The IMAGE Center of Maryland, […]