Program Name: MO ABLE
Program Manager: Intuition ABLE Solutions, LLC
Program Investment Institution: Vanguard Group, Inc. and Fifth Third Bank
Program Website: MO ABLE
Total Annual Contribution Limit: $15,000
Account Limit: $445,000
State Tax Deduction: Yes. Missouri offers an annual state income tax deduction of up to $8,000 for single filers and $16,000 for joint filers.
Account Disclosure Document: https://www.stableaccount.com/files/STABLEpds.pdf
Program at a Glance
- What is the total annual contribution limit? $15,000
- Does this program offer enrollment to out of state residents? No.
- 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. Missouri offers an annual state income tax deduction of up to $8,000 for single filers and $16,000 for joint filers.
- Who is the program administrator? Intuition ABLE Solutions, LLC
- Is there an initial minimum contribution requirement to open an ABLE account? If so, how much? Yes. $50.00
- Is there an annual set fee to maintain the account? If so, how much? Yes. $42 per year payable at $3.50 per month.
- Is there a required minimum contribution to your account? If so, what is the amount? Yes. $1.00
- 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. There are no added fees for having a debit card.
- Who is the investment manager? Vanguard Group, Inc. and Fifth Third Bank
- How many investment options are associated with the program? Five different investment options are available.
- Do those investment options vary in risk? Yes. These investment options range from no risk (BankSafe) to conservative to aggressive with varying levels of risk, based on the risks of their 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 0.19% to 0.34%.
- Are there other characteristics unique to your program? MO ABLE offers a debit card that comes with an online portal that tracks all transactions and allows users to categorize and write notes on qualified expenses for the purposes of record-keeping.