Spending with IL ABLE

You can withdraw your savings tax-free to use for qualified disability expenses. These are any expenses that are incurred as a result of living with a disability and are intended to improve your quality of life, health and provide greater independence.

The U.S. Department of the Treasury has indicated that the following list of qualified disability expenses is not exhaustive and can be construed broadly to include basic living expenses:

  • Education
  • Health and wellness
  • Housing
  • Transportation
  • Legal fees
  • Financial management
  • Employment training and support
  • Assistive technology
  • Personal support services
  • Oversight and monitoring
  • Funeral and burial expenses

Make withdrawals easily.

With IL ABLE, you can make withdrawals from your account by going online, calling customer service or mailing a paper form. If you contribute to the checking account option, you may use your debit card or write checks to make withdrawals.

It is recommended that Account Owners retain receipts and statements of transactions.

Did you know?

The determination as to what is a qualified disability expense is the responsibility of the Account Owner or Authorized Individual. If you use your IL ABLE account assets for non-qualified expenses, the earnings portion of the withdrawal will be treated as income, so it will be taxed at your tax rate, and will be subject to a 10% federal tax penalty and applicable state taxes.