FAQs
Answers at your fingertips
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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
- When is IRS Form 5498-QA available?
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The plan administrator must send the 5498-QA by March 15, so you should receive the form no later than the end of March following the close of the tax year. You will receive it via mail or electronic delivery based on communication preferences.
- What do I need to do with my IRS Form 5498-QA form?
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Keep this tax form with your records for future reference. You're not required to file it with your tax return.
- Is there a minimum amount to open an account?
- There is a $25 minimum deposit to open an Oregon ABLE account. After that, you can add as little as $5 at a time. You can save money in a cash option, invest, or both. The choice is up to you. If you decide to make an investment, at least 10% of your total funds need to be invested in one of the... Read more
- What happens if the beneficiary is no longer eligible for an account?
- We recognize that sometimes conditions are considered to be a disability by Social Security, and sometimes they are not. When you no longer qualify for an ABLE account, you should log in to your account dashboard and update your eligibility status from the settings menu. Note: If the beneficiary... Read more
- What is a non-qualified withdrawal?
- A non-qualified withdrawal is any withdrawal that is not considered a qualified expense , a taxable withdrawal, or a rollover. Apart from these exceptions, the earnings portion (not the amount you contributed) of a non-qualified withdrawal typically is subject to federal income tax and an... Read more
- How do I set up Weather Boosters?
- The first of our new Savings Boosters to launch is the Weather Savings Booster. When you opt in, you can make an automatic contribution to your Oregon ABLE Savings Plan every time there's greater than a 50% chance of rain, hail, sleet, or snow predicted in your location according to... Read more
- How do I set up direct deposits?
- You can contribute to your Oregon ABLE account using fast, secure direct deposits from either the Social Security Administration or your paycheck. Complete the setup process in three simple steps: Log in to your Oregon ABLE account and click on “Payroll direct deposit” on the Total Balance... Read more
- Are there tax penalties on withdrawals for non-qualified expenses?
- Yes. If you make a withdrawal from your account for a non-qualified expense, the earnings tied to that distribution will be considered taxable income. A withdrawal used for a non-qualified expense could affect your eligibility for benefits such as Supplemental Security Income (SSI) or... Read more
- How do I set up automatic contributions?
- It’s easy to set up automatic monthly contributions from your bank account (or multiple accounts) into your Oregon ABLE account. You can securely link your account in the online portal and make adjustments to your contributions as needed. Plus, you can contribute as little as $5 each time. Follow... Read more
- How do I make contributions to my account?
- It’s easy to contribute to your Oregon ABLE Savings Plan account. You can make online contributions at any time and set up recurring monthly transfers for as little as $5 each time when you connect your bank account. You can also set up payroll direct deposits through your employer. If you prefer... Read more
