ABLE Accounts Now Available in Four States; Three Are Open to Out-of-State Beneficiaries
Two years after the passage of the Achieving a Better Life Experience (ABLE) Act, four states — Florida, Nebraska, Ohio and Tennessee -– have ABLE plans up and running, and all but Florida allow out-of-state beneficiaries to open accounts.
States have been slow to create the appropriate regulations governing ABLE accounts, in part because the IRS and the Social Security Administration took a long time proposing regulations covering them. But now that the federal agencies have finalized their rules, it appears that more states will bring ABLE accounts online.
As you can see in this comparison chart, each state currently offering ABLE accounts differs slightly from the others when it comes to fees and funding minimums, although in most cases the charges are reasonable. All of the accounts have at least four different investment options to choose from, and Nebraska even offers a state tax deduction for contributions into an account.
We will try to keep you updated as more states begin offering plans, but for immediate updates and more information about ABLE’s rollout, you can visit the ABLE Resource Center’s website.