Status: Signed into law - program in development
State Program Manager: NA
State Account Limit: $330,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $16,000 (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 his or her ABLE Account. The additional amount that may be contributed is an amount equal to the Account Owner’s compensation 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 $12,880 for residents of Wisconsin and the continental U.S.; $16,090 for residents of Alaska and $14,820 for residents of Hawaii.
Program Banking Institution: NA
Program Investment Institution(s): NA
State Income Tax Deduction: Yes. Wisconsin residents may apply for a state tax credit for any amount deposited into any other state's ABLE account.
FDIC Insured: No.
ABLE was added to the Executive Budget Act of 2015 (SB 21) on 7/12/15.
IMPORTANT NOTE: AB 731 was introduced on 1/15/16. This legislation repeals the Wisconsin ABLE Law but applies a state income tax deduction to ABLE accounts opened in other states. AB 731 passed Assembly on 2/16/16 and the Senate concurred on 3/16/16. It was signed into law on 3/30/16.
Program at a Glance
- Fee Range
Wisconsin allows a state income tax deduction for contributions to ABLE accounts opened in other states.