ABLEnow blog

Time is Running Out in 2021

iStock-488758267-min.jpg

Did you achieve your savings goals? You can contribute up to $15,000 to your ABLEnow account in 2021. Working account owners who do not participate in an employer-sponsored retirement plan may be able to contribute even more, thanks to the ABLE to Work Act.

Give yourself a beneficial financial gift or put ABLEnow contributions on your holiday wish list. Thanks to the Online Contribution Center, family and friends can easily make gift contributions to your ABLEnow account.

For Virginians, maximizing contributions also means maximizing tax benefits. Virginia taxpayers may be eligible for an annual state tax deduction for contributions to an ABLEnow account.

With year-end deadlines fast approaching, refer to the dates below to make 2021 contributions. After these deadlines, contributions may post to your ABLEnow account in 2022.

Deadlines for current customers:

  • Last day to make a contribution in 2021: December 31, 2021 by 5 p.m. ET
  • Checks must be postmarked by December 31, 2021, to qualify as a 2021 contribution
  • Direct deposit or gift from the Online Contribution CenterDecember 27, 2021, to qualify as a 2021 contribution

Deadlines for new customers:

  • Last day to open an account as an Account Owner or a Parent, Grandparent, Spouse, or Sibling of an Account Owner: December 27, 2021, if desiring to make a 2021 contribution
  • Last day to open an account in 2021 as a Legal Guardian, Attorney in Fact, or Care Representative: December 20, 2021, if desiring to make a 2021 contribution
  • To contribute to your new account in 2021, please refer to the deadlines above for current customers

Contact Customer Service with any questions on opening or contributing to your ABLEnow account.

Related Articles