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
- Can I open a new Oregon ABLE account if my previous account was closed?
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Yes, simply log in to your closed account using your previously established email and password, then find the “Create new account” link to get started.
- Can I roll over a 529 College Savings Plan into my Oregon ABLE account?
- Yes. Changes in the law now allow for money from a 529 College Savings Plan to be rolled over into an ABLE account for that beneficiary, or an eligible family member*, without being penalized. Please note, there is a $19,000 rollover limit, minus the ABLE contributions already made during the... 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
- Is there an extra fee for the ABLE Prepaid Card?
- Yes. We know our ABLE savers use their accounts differently from one another. Some are using their accounts to pay for their everyday living expenses. Others are saving up for larger purchases, like a down payment on a home, that will take years of saving to achieve. The ABLE Visa® Prepaid Card fee... Read more
- Do I need a Social Security Number to open an ABLE account?
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Yes. You need to have a Social Security Number (SSN) or an Individual Tax ID Number (ITIN) to open an ABLE account. Learn more about the process of getting a or an , on these official government websites.
- Do my ABLE savings affect eligibility for federal financial aid?
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No. Money saved in an ABLE account does not count as an asset on your Free Application for Federal Student Aid (FAFSA). Plus, saving in an ABLE account may be an effective strategy to help you pay for future education expenses.
- Can organizations manage an ABLE account?
- Yes. ABLE accounts make it possible for organizations (like service providers, professional guardians, or representative payees) to act as an Authorized Legal Representative (ALR) and manage multiple Oregon ABLE accounts. It is up to the person with a disability to decide if they want an... 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 is the Cash Option?
- The Cash option protects the balance in your Oregon ABLE account by putting all your assets (up to $250,000) into an FDIC-insured account, which means the federal government guarantees you will not lose the money you saved. With a low level of risk, there may also be a lower level of returns. The... Read more
- Who owns the Oregon ABLE account?
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The money in an Oregon ABLE account always belongs to the beneficiary, regardless of who opened the account. ABLE accounts can be opened and managed by an Authorized Legal Representative (ALR), such as a parent or guardian, however, the money still belongs to the beneficiary.
