ABLEnow blog

Time is Running Out in 2020

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Did you achieve your savings goals? You can contribute up to $15,000 to your ABLEnow account in 2020. 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 your final 2020 contributions.

 

Deadlines for current customers:

  • Last day to make a contribution in 2020: December 31, 2020 by 5 p.m. ET
  • Checks must be postmarked by December 31, 2020 to qualify for a 2020 contribution
  • Gifts from the Online Contribution Center: December 26, 2020 to qualify for a 2020 contribution

 

Deadlines for new customers:

  • Last day to open an account in 2020 as an Account Owner or Parent of an Account Owner: December 26, 2020 (if desiring to make a 2020 contribution)
    • If desiring to fund via Electronic Funds Transfer (EFT) in 2020, December 21, 2020 to allow enough time to set up and validate a linked bank account
  • Last day to open an account in 2020 as a Legal Guardian, Attorney in Fact or care representative: December 14, 2020 (if desiring to make a 2020 contribution)
  • To contribute to your new account in 2020, please refer to the deadlines above for current customers

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

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