FAQs
Answers at your fingertips
You can scroll through the FAQs, search, or click a category button to filter them.
- 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
- What information is needed to sign up for an Oregon ABLE account?
- To open an Oregon ABLE Savings Plan account, you'll need to provide some basic information as the account holder, including: Full name Contact information Date of birth Social Security number or tax ID To finish setting up your account, you will be asked to: Connect a bank account Choose... Read more
- If I move from Oregon, can I keep my Oregon ABLE account?
- Yes. You can keep your money invested in your account and you can keep contributing to it, too. But, since you will no longer be a state resident, you cannot benefit from the Oregon state income tax credit unless you continue to pay Oregon state income taxes. You also have the option to roll over... Read more
- 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
- Who can open an Oregon ABLE account?
- Any adult with a qualifying disability that developed before the age of 26 and resides in the state of Oregon can open and manage an Oregon ABLE account. Oregon ABLE accounts were designed to be managed by the person with a disability. Please note, with the passage of new federal legislation, 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
- Is there an Oregon state income tax credit?
- Yes. All Oregon residents are eligible to receive a refundable state income tax credit up to $360 for joint filers and up to $180 for single filers on contributions made to an Oregon ABLE Savings Plan account. The tax credit is periodically adjusted for inflation, so please check back on our... Read more
- What are the benefits of an Oregon ABLE account?
- The Oregon ABLE Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. When you make contributions to an Oregon ABLE account, your money has the chance to grow and earn interest, tax-free. And unlike many other investment... Read more
- What type of disabilities qualify for an ABLE account?
- Any disability that meets the criteria for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), and developed before the age of 26†, is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on the... Read more
- Are there other tax credits I may qualify for?
- Yes. Beyond the Oregon state income tax credit which you earn for contributing to an Oregon ABLE Savings Plan account, the IRS offers several tax credits that can provide meaningful savings for families, reducing the amount filers owe on their taxes, and in some cases, leading to an increased tax... Read more
- Where can I change my password or multi-factor authentication settings?
- Once you log in to your Oregon ABLE account dashboard, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to login settings. From here, you can make any... Read more
