Contributions into an account can be made by any person, not just the account owner. The ABLE Act places limits on the amount that can be contributed annually and the total account balance.
Total annual contributions into the account, regardless of who made the contribution, cannot exceed $15,000 per calendar year. Contributions by an employed Account Owner who has earned income during the current calendar year, and has not contributed to an employer-sponsored retirement plan, including a 401 (k), 403(b), 457(b) plan, during the current calendar year may exceed the Annual Contribution Limit by the lesser of (a) the compensation included in the Account Owner’s gross income for the taxable year, or (b) the federal poverty line for a one-person household as determined for the calendar year preceding the calendar year in which the taxable year begins.
You may roll over funds in a Nebraska 529 College Savings Plan account to an Enable Savings Plan account. These rollovers are not subject to adverse state tax consequences. However, if you roll over assets from a Nebraska 529 College Savings Plan account to any other state’s ABLE account, the earnings portion of the rollover will be subject to Nebraska state income tax. In addition, the rollover will be subject to recapture of the Nebraska tax deduction to the extent previously deducted by the account owner.
Account balances up to and including $100,000 will be disregarded for purposes of determining eligibility to receive resource-based federal benefits. When the total account balance exceeds $100,000, SSI will count that amount as a resource of the account owner, and SSI benefits will be suspended until the account balance falls below $100,000. This suspension does not impact the account owner's ability to receive Medicaid or developmental disability services.
When the total account balance meets a Plan’s maximum balance limit, which varies from Plan to Plan, additional contributions into an ABLE account will not be accepted. The balance, however, can continue to grow beyond the limit.
To determine if you are eligible, call your local Social Security office or your disability benefits advisor.