Washington

Program Name: Washington State ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Sumday Administration, LLC
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000 (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: Over and above the standard Annual Contribution Limit (i.e., $15,000 for 2021), a working Beneficiary is allowed to contribute an additional amount up to the lessor of: (i) the Beneficiary’s compensation for the current tax year; or (ii) an amount equal to the Federal Poverty Level for a one person household as determined for the calendar year preceding the tax year in which contributions are made ($12,760 for contributions made in 2021).
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 3
Program Investment Institution(s): Vanguard & DFA
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   Contributions received from a Beneficiary or Authorized Legal Representative will be subject to a ten (10) Business Day holding period before the funds are available for withdrawal. Contributions made as a result of a gift from a third party will be subject to a twenty (20) Business Day holding period before the funds are available for withdrawal.
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the ABLE account, upon filing of a claim for payment by such state against the account owner's estate.
State Income Tax Deduction: No. There are no income taxes for residents of Washington.
FDIC Insured: Yes. The Bank of New York Mellon savings account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

Washington House Bill 2323 of the 2016 Legislative Session Implements the federal ABLE Act in Washington State.

Account Disclosure Document(s):

Please see Plan Disclosure Document


Additional Information:

There are no state income taxes for residents of Washington.

ABLE to ABLE Rollovers: Free for incoming rollovers; $50 fee for outgoing rollovers.

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. $35
  • 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. ACH and prepaid card disbursements are unlimited and free.
  • 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:
      $2.50 per paper check disbursement.
    • Debit Card Fee:
      $1.25 per month
    • Investment Option Fee Range:

      Please See Plan Disclosure Documents

    • 529 College Rollover Fee:
      $75
    • Statement Fee:
      Free for E-Delivery. $10 annually for paper statements.
    • ABLE Account Transfer Fee:
      No fee charged for incoming transfers. $50 fee charged for outgoing transfers.
    • Withdrawal Transaction Fee:
      Free unlimited withdrawals.
  • Are there other characteristics unique to your program?

    Washington State is part of the ABLE Collaborative led by Oregon.

Washington State ABLE (click to open an account)