Texas ABLE Program
Status: Open for Enrollment
State Program Manager: NorthStar Financial Services Group
State Account Limit: $370,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 4
Program Investment Institution(s): Vanguard, PIMCO and Eaton Vance; “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: No
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No. There is no state income tax for residents of Texas.
FDIC Insured: Yes
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there an annual set fee to maintain the account? If so, how much?
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Yes. here is a $1 charge for each withdrawal by ACH in excess of 2 per month; there is a $5 charge for each withdrawal by check.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Annual Maintenance Fee:
$48 per year
Debit Card Fee:
Investment Option Fee Range:
$2.50 - $6.50 on $1,000 investment per year.
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
$1 charge for each withdrawal by ACH in excess of 2 per month; there is a $5 charge for each withdrawal by check.
- Annual Maintenance Fee: