What is a successor designated beneficiary?
A successor for an ABLE United account must be a sibling, step-sibling or half-sibling of the account Owner and must also qualify for an ABLE United account. A successor must be added to the account before the death of the beneficiary.
When is IRS Form 5498-QA available?
The 5498-QA will be sent via mail or electronic delivery, based on your communications preference, by March 15.
When is IRS Form 1099-QA available?
The 1099-QA will be sent via mail or electronic delivery, based on your communications preference, by January 31.
What is IRS Form 5498-QA?
If a contribution is made to your account, you will receive IRS Form 5498-QA. This tax form details all contributions made throughout the tax year to your account, including contributions, rollovers and direct program-to-program transfers.
ABLE United is required to file all account information with the IRS; this is a record of that information.
To discuss your unique situation, please consult a tax adviser.
Learn more about Form 5498-QA from the IRS.
What is IRS Form 1099-QA?
If you make a withdrawal from your account, you will receive an IRS Form 1099-QA. This tax form details all withdrawals made throughout the tax year from your account.
Generally, if withdrawals from the account are used for the Beneficiary’s Qualified Disability Expenses, the earnings portion of the withdrawals are not subject to federal income taxation. To discuss your unique situation, please consult a tax adviser.
Learn more about Form 1099-QA from the IRS.
Where can I use the ABLE Visa Prepaid Card?
The ABLE Visa Prepaid Card can be used everywhere Visa debit cards are accepted, online and in stores.
You may not use your ABLE Visa Prepaid Card for online gambling or illegal transactions. Please see the Cardholder Agreement for other limitations. Similarly, the Authorized Legal Representative may put additional limitations on card activity using the True Link system.
If you believe your ABLE Visa Prepaid Card or any other access information has been lost or stolen, immediately call 1-888-219-9054.
How do I load the ABLE Visa Prepaid Card?
You can load money to your ABLE Visa Prepaid Card from your ABLE United account. You may not add funds to your card account from other sources such as credit cards, debit cards, other bank accounts, cash, or by sending personal checks, cashier’s checks, retailer load networks (e.g., Green-Dot, MoneyGram, Western Union, etc.) or money orders.
A maximum of 95% of your available ABLE account balance can be transferred and loaded onto your ABLE Visa Prepaid Card, subject to the daily and monthly load card maximums. See your Cardholder Agreement for any additional limitations.
You can track your transaction activity and card balance via the True Link website. If your ABLE Visa Prepaid Card account has a zero or negative balance for 4+ consecutive months, True Link may automatically close card account without advance notice.
What is the True Link ABLE Visa® Prepaid Card?
The True Link ABLE Visa Prepaid Card is a reloadable Visa card that is connected to your ABLE United account. You can load money to your card using any of the savings or investment options in which you have a balance. The card can be used everywhere Visa debit cards are accepted. Since it is not a credit card, there is no credit check to obtain the ABLE Visa Prepaid Card.
An ABLE Visa Prepaid Card can be issued for the Beneficiary and/or Authorized Legal Representative. You can track your expenses online through True Link Financial, Inc. There is a $2.50 monthly fee associated with the card for ABLE United participants. This fee will be automatically debited from the card on a monthly basis. Additional terms and conditions do apply; please see the Cardholder Agreement.
For more information, visit the prepaid card page. You can enroll here or sign in to your Visa Prepaid Card account here.
How do I sign up for the ABLE Visa Prepaid Card?
To sign up for an ABLE Visa Prepaid Card, you must have a valid ABLE United account. Request a card by logging into your account and clicking the “Sign Up For a Prepaid Card” box in the lower right-hand corner of the Overview page, or by clicking here.
What happens if the Authorized Legal Representative (ALR) passes away?
The Beneficiary of an ABLE account is not affected when the ALR passes away because the Beneficiary owns the account. To change or remove the ALR, contact customer service Monday – Friday, 9am – 5pm ET, at 1-888-524-2253, or Florida Relay Service dial 711.
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