FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- Are there any contribution limits?
- Yes. There's a minimum $25 contribution to open an Oregon ABLE account, and then any subsequent transactions — including contributions, withdrawals, bank transfers, and gifts — need to be at least $5 each. Individual online contributions are capped at the annual ABLE contribution limit for the... Read more
- How do I make withdrawals from my account? How long do they take?
- It’s easy to make withdrawals from your Oregon ABLE Savings Plan account online. You can withdraw as little as $5 each time and transfer that money into any bank account linked to your Oregon ABLE account. If you have more than one investment, you can decide which investment you’d like to pull... Read more
- What is ABLE to Work?
- People with disabilities can save and invest at least $19,000 a year for a wide range of eligible expenses. For those who are employed, they can save even more with ABLE to Work. Workers with disabilities can save an additional amount up to either (1) $15,060; OR (2) the beneficiary’s wages for the... Read more
- Are contributions to an Oregon ABLE account considered to be an asset?
- The money in an Oregon ABLE account is not considered to be an asset for state and federal benefit purposes. This includes SSI, Medicaid, HUD housing assistance, SNAP, FAFSA applications, and more. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the Oregon ABLE... Read more
- What can I purchase with ABLE Prepaid Card funds?
- You can use your ABLE Visa® Prepaid Card anywhere Visa is accepted, including for online bill-pay. Your card can be used for anything; however, if you use the card to pay for something that is not a qualified expense, there may be penalties on the earnings. Also, keep in mind that in addition to... Read more
- Can I redirect my SSA direct deposits to my Oregon ABLE account?
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Yes. To redirect your SSA direct deposits from the account where they are currently connected to your Oregon ABLE account, you will need to update your settings on the Social Security website.
- Who do I contact for help with SSA direct deposits?
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If you need assistance, please reach out directly to the Social Security Administration team.
To retrieve your direct deposit details — including a unique routing and account number — log in to your Oregon ABLE account and click on “Payroll direct deposit” on the Total Balance tile.
- What is IRS Form 1099-QA?
- If you make a withdrawal from an Oregon ABLE account, you will receive an IRS Form 1099-QA, detailing all the withdrawals you made from your account throughout the tax year. If the money you withdrew from your account was used to pay for qualified expenses, the distributions are not taxable, and... Read more
- When is IRS Form 1099-QA available?
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The plan administrator must send the 1099-QA by January 31, so you should receive the form no later than early February following the close of the tax year. You will receive it via mail or electronic delivery based on communication preferences.
- What is IRS Form 5498-QA?
- If you make a contribution to your Oregon ABLE account, you will receive IRS Form 5498-QA, which is a tax form that details all of the contributions you made throughout the tax year to your account. This form reports ABLE account contributions, rollovers and direct program-to-program transfers in... Read more
