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
- 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
- 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.
- How can I connect a bank account?
- To connect a bank account to your Oregon ABLE account, first log in to your online dashboard, then go to the “Settings” tab and click on the “Add a new bank” button. Follow the steps to link a new bank account by connecting via Plaid or manually adding an account. If you manually add a bank... Read more
- Can I connect more than one bank account or type of account?
- Yes, you can connect more than one bank account to your Oregon ABLE account, as well as multiple types of bank accounts. You can have both savings and checking accounts linked to your account at one time, but you will need to go through the process of connecting each account individually. The... Read more
- Is the ABLE account considered part of the estate after the death of a beneficiary?
- Yes. As part of the estate, funds in an ABLE account are subject to federal estate tax. After the death of the beneficiary, ABLE funds can be used to pay any outstanding qualified disability expenses of the deceased individual and any state claim under section 529A(f) before they are transferred to... Read more
- What is a successor designated beneficiary?
- When the primary beneficiary dies, the person designated as the successor beneficiary becomes the primary beneficiary on the ABLE account. A successor for an ABLE account must be a sibling, step-sibling, or half-sibling of the account owner and must also qualify for an ABLE account. A successor... Read more
- Could saving for retirement impact my benefits?
- The short answer is, yes. Oregon workers may choose to invest in both an ABLE savings account and a separate retirement savings account; however, retirement accounts were not designed with the same protections in mind as ABLE accounts. The money saved in an ABLE account does not count against asset... Read more
- How do I make gift contributions?
- It's easy to make contributions to someone else's Oregon ABLE Savings Plan account. You can make online gift contributions for as little as $5 to as much as $19,000 through a beneficiary’s personal gifting page. Simply ask the recipient to send you their unique gifting URL. Or, you can make offline... Read more
