Section 722.500  ABLE Accounts

ABLE accounts are investment savings accounts into which the designated beneficiary deposits funds that, in turn, are invested in marketplace-based investment options such as FDIC insured interest bearing accounts. Earnings on the investments are tax-free as long as withdrawals are used to pay qualified disability expenses. A separate account will be established for each designated beneficiary, and no more than one account will be established per beneficiary.  If an ABLE account is established for a designated beneficiary, no account subsequently established for that beneficiary shall be treated as an ABLE account.  The preceding sentence shall not apply in the case of an ABLE account established for purposes of a rollover as permitted under sections 529 and 529A of the Internal Revenue Code.  [15 ILCS 505/16.6(d)]

(Source:  Amended at 45 Ill. Reg. 4133, effective March 12, 2021)