Virginia – ABLEnow
Program Name:
ABLEnow (click to open an account) Phone: 844-669-2253
Status: Open for Enrollment
State Program Manager: Virginia529
State Account Limit: $550,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $19,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to their ABLE Account. The additional amount that may be deposited is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $15,060 for residents of the continental U.S.; $18,810 for residents of Alaska and $17,310 for residents of Hawaii.
Program Banking Institution: PNC Bank
Number Investment Options: 5
Program Investment Institution(s): Vanguard and Fidelity
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.
Typically, funds are available between one and five business days after the contribution is initiated. The availability of funds for withdrawal will vary depending on the type of contribution.
Medicaid Estate Recovery Status: Unless required by federal law, the Virginia Department of Medical Assistance Services may not pursue Medicaid recovery claims against the ABLEnow or ABLEAmerica accounts of Virginia residents.
State Income Tax Deduction: Yes. Virginia offers an annual state income tax deduction of up to $2,000 per contributor for contributions to an ABLEnow or ABLEAmerica account.
FDIC Insured: Yes. Balances in the ABLEnow Deposit Account are insured to the extent allowed by the Federal Deposit Insurance Corporation (FDIC).
ABLE Legislation:
Sections 23.1-700 through 23.1-713 of the Code of Virginia, as amended.
Account Disclosure Document(s):Please See Plan Disclosure Documents
Does your plan allow for proper account titling for a representative payee? ABLEnow allows individual and organizational representative payees to open accounts as Authorized Representatives, so the representative payee has full control over account funds.”
What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? See plan disclosure documents.
Most ABLEnow gift-givers make contributions via a bank transfer (aka electronic funds transfer) or by check. The process is explained to customers here