Maryland

Program Name: Maryland ABLE (click to open an account)
Status: Open for Enrollment to residents of any U.S. state.
State Program Manager: Maryland 529
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: 12140
Number Investment Options: 4
Program Investment Institution(s): Vanguard: “Except to the extent of the 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
State Income Tax Deduction: Yes. There is a Maryland income tax deduction of up to $2,500 per contributor, beneficiary and 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:

There is a maximum of a seven business day hold after contributions have been received and accepted by the program for funds to be available for 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 the time of enrollment and payable at $8.75 per quarter. It is 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. See state's ABLE Plan Disclosure Documents and Investment Performance Report for detailed information.

      Will be updated soon.

    • Statement Fee:
      Statements are readily available online at no cost. To receive delivery of paper statements, there is an annual $10 charge.
  • Are there other characteristics unique to your program?

    Maryland ABLE has included in its rollover and gifting process a step for approval and limiting by the beneficiary or ALR to ensure that beneficiaries with savings goals can maintain benefits (which are based on assets outside of the ABLE account) throughout the calendar year.

Maryland ABLE (click to open an account)
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