Maryland

Program Name: Maryland ABLE
Status: Open for Enrollment to residents of any U.S. state.
State Program Manager: Maryland 529
State Account Limit: $50,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 4
Program Investment Institution(s): Vanguard; “Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Debit/Checking Option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested. ”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: Yes. Subject to federal and state probate laws. "Yes. The provisions of Maryland HB 782/SB 550 section 18–19C–10.This section reads as follows:18–19C–10. 22 (a) Unless prohibited by federal law, on the death of a designated beneficiary, money and assets in an able account may be 24 transferred to: (1) The estate of the designated beneficiary; or (2) An able account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. (b) Unless required by federal law, an agency or instrumentality of the state may not seek payment under § 529a(f) of the internal revenue code from an able account or its proceeds for any amount of medical assistance paid for the designated beneficiary. Section 2. And be it further enacted, that this act shall take effect June 1, 2018. "
State Income Tax Deduction: Yes. There is a Maryland income tax deduction of up to $2,500 per contributor per beneficiary per year, with a 10-year carry forward of excess contributions.
FDIC Insured: Yes
ABLE Legislation:

House Bill 431

Account Disclosure Document(s):

Will be updated soon.


Additional Information:

Up to a maximum of 7 business day hold after a contribution has been received and accepted by the Program for funds to be available to withdrawal.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The current account maintenance fee is $35 per year pro rated based on time of enrollment and payable at $8.75 per quarter, deducted directly from the ABLE account.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. $1.25 a month
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $50.
  • Fee Range
    • Annual Maintenance Fee:
      35
    • Check Fee:
      The Program does not have a Checking account option, however paper checks can be requested, if needed for an additional cost. The Debit Card option provides access.
    • Debit Card Fee:
      $1.25
    • Investment Option Fee Range:
      $6.50 to $7.39 on $1,000 investment per year.
    • Statement Fee:
      Statements are available at no cost on line 24/7, 365 days per year. To receive delivery of paper statements there is an annual $10 charge.
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