Program Name: Montana ABLE
Program Manager: Ascensus
Program Investment Institution: BlackRock, Schwab and Vanguard
Program Website: Montana ABLE
Total Annual Contribution Limit: $15,000
Account Limit: $400,000
State Tax Deduction: Section 11 allows a $3,000 income tax deduction for single tax filers; $6,000 for joint tax filers.
ABLE Legislation: SB 399
Account Disclosure Document: https://cdn.unite529.com/jcdn/files/UABLE/pdfs/mt-programdescription.pdf
Program at a Glance
- What is the total annual contribution limit? $15,000
- Does this program offer enrollment to out of state residents? Yes.
- Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents? If so, how much? Yes. $3,000 per tax year for taxpayers contributing to an account of their own, their spouse or their child
- Who is the program administrator? Montana Department of Public Health & Human Services
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $25
- Is there an annual set fee to maintain the account? If so, how much? Yes. Each account is charged a Quarterly Account Maintenance fee of $15. If you elect electronic delivery notification for statements and confirmations, your Quarterly Account Maintenance fee will be discounted by $3.75.
- Is there a required minimum contribution to your account? If so, what is the amount? No.
- Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they? No.
- Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so? Yes. There are currently no fees associated with rolling over your ABLE account from one ABLE program to another ABLE program.
- Is there a “debit card/purchasing card” available with the program? If so, what is the added cost? Yes. If you are invested in the Checking Option, you will be charged a monthly service charge of $2.00. The fee is waived if your Account has an average daily balance over $250 or if you are enrolled in electronic statement delivery. The FDIC-insured checking option is from Fifth Third Bank.
- Who is the investment manager? BlackRock, Schwab, Vanguard and for high-yield savings Sallie Mae
- How many investment options are associated with the program? There are six investment options available.
- Do those investment options vary in risk? These investment options range from conservative to aggressive with varying levels of risk, based on the risks of the underlying component investments.
- Is there a fee associated with the investment choices? If so, how much? Yes. Depending on the investment choices, the total fees range from 0.34% - 0.37%.