Using your account

The tax benefits may be significant. When you contribute money to an Attainable^® (ABLE) account, the money is invested in investment portfolios and may grow over time. No federal income tax will be owed on withdrawals, including any earnings, if the money is used for qualified disability expenses.

No, contributions are not federally tax deductible.

Massachusetts does not currently offer a state tax deduction for contributions to an ABLE plan. If you reside in a state other than Massachusetts, the state may offer tax deductions or other tax benefits for its specific ABLE plan or for contributions to any ABLE plan (such as the Attainable^® Savings Plan (ABLE)). Be sure to check with your tax advisor.

The Social Security Administration (SSA) has provided general guidance on this topic. The money in your Attainable^® Savings Plan (ABLE) account will not usually impact your eligibility for Supplemental Security Income benefits; however, any account balance over $100,000 will be counted as a resource of the designated beneficiary and could result in the suspension of your SSI benefits. For more information on withdrawals, please review the Frequently Asked Questions If I make a withdrawal from my Attainable^® Savings Plan (ABLE)account, do I need to spend the money right away so as not to impact Supplemental Security Income (SSI) benefits? Also, for more detailed information, please review the Attainable^® Savings Plan (ABLE) Disclosure Document (PDF).

Medicaid benefits are not impacted by money invested in an Attainable^® Savings Plan (ABLE) account, regardless of balance level. Please refer to the Attainable^® Savings Plan (ABLE) Disclosure Document (PDF) for a more detailed discussion related to Medicaid benefits or contact your home state's benefits agency to get information on your specific situation.

The Social Security Administration has provided general guidance on the impact an Attainable^® Savings Plan (ABLE) may have on eligibility for a designated beneficiary or eligible individual for other disability benefit programs. Please see the Attainable^® Savings Plan (ABLE) Disclosure Document (PDF) for specific details. Also, for more information on your state's disability programs, please contact your state benefits agency or a qualified benefits advisor.

Upon the death of the account owner/beneficiary, any state may file a claim against unexpended amounts in an Attainable^® Savings Plan (ABLE) account. For example, the claim could be for the amount of total Medicaid assistance paid out for the account owner's benefit after the establishment of the Attainable^® Savings Plan (ABLE) account. Payments for all outstanding qualified disability expenses, including funeral expenses, are paid before any such Medicaid claim. Also, the amount payable is reduced by the amount of all premiums paid by or on behalf of the account owner/beneficiary to a Medicaid Buy-In program under that state's Medicaid plan. Check with a qualified legal advisor to determine your state's Medicaid policies and procedures.

The Attainable^® Savings Plan (ABLE) doesn't require you to submit documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus you must retain proof in your personal records. You will be required to certify and attest on the Attainable^® Savings Plan (ABLE) account application that you meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual recertification requirements.

The account owner is the eligible individual (EI) and is also referred to as the designated beneficiary. If the account owner is a minor or is unable or chooses not to manage the account, a person with signature authority (PSA) must be designated on the account. Per federal law, a PSA must be an individual within the following ordering hierarchy: (a) the EI’s agent under a power of attorney, (b) a conservator or legal guardian, (c) spouse, (d) parent, (e) sibling, (f) grandparent, or (g) a representative payee appointed for the EI by the Social Security Administration (“PSA Hierarchy Order”). The regulations require that PSA certify under penalties of perjury that the PSA is authorized to establish an Account for the benefit of the Designated Beneficiary and that there is no other willing or able persons to do so with a higher priority in accordance with the PSA Hierarchy Order. The PSA must neither have nor acquire any beneficial interest in the account and must administer the account for the benefit of the account owner. The PSA has full control and authority over the account and must use the account for the benefit of the designated beneficiary. If the PSA is a guardian or has POA, additional documentation will be required to be submitted at account opening. If there is a PSA on the account, the designated beneficiary/eligible individual cannot act on the account.

The Attainable^® Savings Plan (ABLE) doesn't require you to submit documentation regarding relationship for a PSA acting as a spouse, parent, sibling, or grandparent of the account owner.
A copy of the conservatorship or guardianship court order must be provided by a PSA acting as conservator or legal guardian. POA documentation must be provided by a PSA acting as Power of Attorney.
Social Security Administration documentation must be provided by a PSA acting as representative payee. If the representative payee is an entity, they must provide the following documentation:

1. ABLE Saving Plan Application
2. Social Security Administration documentation
3. Copy of the entity's formation document
4. Beneficial Ownership - Entities
5. Business Brokerage Account Certification

No, an eligible individual may only have one ABLE account, such as the Attainable^® Savings Plan (ABLE). However, if you are the parent, guardian, or Power of Attorney (POA) of more than one qualified individual, each of them would be eligible for a separate ABLE account.

No. While the Attainable^® Savings Plan (ABLE) is offered by the Massachusetts Educational Financing Authority (MEFA) and is the Massachusetts ABLE Plan, the Attainable^® Savings Plan is offered to any eligible U.S. resident regardless of state of residence. The Attainable^® Savings Plan (ABLE) does not charge different fees and expenses based on state of residence.

The qualified ABLE programs offered by your home state may offer its residents or taxpayers state tax advantages or other benefits. Additionally, some states offer residents state tax incentives for investing in any qualified ABLE program. You should consider the state tax advantages and benefits offered by your home state, including those available for investing in your home state's qualified ABLE program, before making an investment in the Attainable^® Savings Plan (ABLE).

For 2026, the ABLE contribution limit is $20,000 per beneficiary. If, however, a Designated Beneficiary is employed and has employment income and has made no contribution to a defined contribution, 403(b), or 457(b) plan on behalf of such Designated Beneficiary/Eligible Individual for the applicable year, they may contribute an additional amount to their Attainable^® Savings Plan (ABLE) account up to the lesser of: (1) the Designated Beneficiary's compensation for the taxable year, or (2) an amount equal to the federal poverty level for a 1-person household, which is currently $15,960 based on the 2026 federal poverty line ($19,950 for Alaska residents and $18,360 for Hawaii residents) but may change in the future. An existing account balance can grow without limit, but you cannot make additional contributions once the account balance reaches the Plan's maximum contribution limit.

You may reallocate previously invested money among portfolios in your Attainable^® Savings Plan (ABLE) account twice per calendar year and upon changing the account owner (Review our Frequently Asked Question: Can I transfer my Attainable account to another person?). You may direct future contributions to different portfolios at any time. To make an investment exchange, you can call a representative or complete and mail a form.

Qualified disability expenses are any expenses for the benefit of the account owner in maintaining or improving their health, independence, or quality of life. These expenses include, but are not limited to, education, housing, transportation, employment training and support, assistive technologies and related services, personal support services, or health and basic living expenses.

No explanation is needed to withdraw money from your Attainable^® Savings Plan (ABLE) account. However, the IRS may ask you to verify that the money was used for a qualified expense, so you should keep records detailing how you’re spending that money.

This would be considered a non-qualified withdrawal, and taxes, as well as a potential 10% federal penalty tax, may be owed on earnings associated with the withdrawal. Non-qualified withdrawals may also impact disability benefits.

The Social Security Administration has stated that for many qualified disability expenses, you don't need to spend the money in the same month in which you withdraw it from your Attainable account. If you choose to do that, you must maintain the Attainable^® Savings Plan (ABLE) account while the withdrawal is not spent, be able to identify the money, and intend to use the money for a qualified disability expense.

However, for housing related expenses, you must spend the money on the housing expense in the same calendar month in which you withdraw it from your Attainable^® Savings Plan (ABLE) account. If these conditions aren't met, the withdrawal may be counted as a resource and could impact SSI benefits.

After the money has been withdrawn (but before it's spent), you can maintain the money in separate account such as a personal checking account or a Fidelity Cash Management Account.

Consider opening a Fidelity Cash Management Account to use with your Attainable^® Savings Plan (ABLE) account. You can transfer money online to your Fidelity Cash Management Account and use all of its features to manage your qualified disability expenses. Visit this page for more information about Fidelity Cash Management Accounts. Once you transfer money from your Attainable^® Savings Plan (ABLE) account to a cash management account (as with a personal bank account), it's no longer part of the Attainable^® Savings Plan (ABLE) plan.

Transferring funds to your Fidelity Cash Management Account is the fastest way to get access to money invested in an Attainable^® Savings Plan (ABLE) account. Withdrawals from an Attainable^® Savings Plan (ABLE) account made prior to market close will be available in your cash management account the following day. Transfers to an outside bank may take an extra day or two. You can transfer money from your Attainable^® Savings Plan (ABLE) account to your Fidelity Cash Management Account online.

• A debit card is available to make purchases and access to cash easier.
  • ATM-fee reimbursement
  • No annual debit card fee
  • Receive text alerts for debit card purchases
  • Leverage payment services such as ApplePay^®
• Joint account ownership is an option
• Leverage Bill Pay service
• Checkwriting with no additional fees
• Works with third-party services as well as Fidelity Full View^® to track and categorize expenditures
• Monthly statements showing expenditures and deposits

If the account owner is not permanently disabled, federal law requires that they submit an annual recertification to the Attainable^® Savings Plan (ABLE) account stating that he or she continues to meet the eligible criteria required to own an Attainable^® Savings Plan (ABLE) account. You will be notified separately about how to recertify. online.

While you can only have one ABLE account per eligible individual, you can move the assets in one ABLE plan to another one with no tax consequences. You would first open the new Attainable^® Savings Plan (ABLE) account and then transfer the assets to move the money from your old ABLE account to your Attainable^® Savings Plan (ABLE) account. Per federal law, you may rollover assets in an ABLE account once per 12 months for the same designated beneficiary/eligible individual.

Yes, you may transfer all or part of the money from your Attainable^® Savings Plan (ABLE) account to another person's ABLE account, with no tax consequences, provided that person is eligible for an ABLE account and is a sibling to the original account owner. This includes brother, sister, stepbrother, stepsister, half-brother, and half-sister.

If you have been managing your child's account or if you are the person with signature authority (PSA) on an account, you can choose to turn it over to the account owner if that step is appropriate for your situation.

The ABLE Act and ABLE regulations provide that upon the death of the Designated Beneficiary, all amounts remaining in the Designated Beneficiary's ABLE account are included in the Designated Beneficiary's estate for purposes of estate tax. Additionally, the ABLE Act and ABLE regulations provide that upon the Designated Beneficiary's death, the remaining balance in an ABLE Account or such lesser amount as is claimed by a state must be distributed to any state that files a claim for the amount of the total medical assistance paid for the Designated Beneficiary under the state's Medicaid plan after the establishment of the ABLE account. Payments for all outstanding Qualified Disability Expenses of the Designated Beneficiary, and of the Designated Beneficiary's funeral and burial expenses are made before any such state Medicaid claim, and the amount of the state Medicaid claim is reduced by the amount of all premiums paid by or on behalf of the Designated Beneficiary to a Medicaid Buy-In program under that state's Medicaid plan. After the expiration of the applicable statute of limitations for filing Medicaid claims against the Designated Beneficiary's estate, the balance of the Attainable Plan Account may be distributed to a Successor Designated Beneficiary (in accordance with the requirements set forth in the Attainable Plan Disclosure Document) or, if none, to the Designated Beneficiary's estate. Please refer to the Attainable Plan Disclosure Document for additional details. You should consult with an estate or tax professional regarding your specific circumstances.