Question regarding non qualified uses of ABLE savings account funds. I read there is tax & penalty of 10%. What exactly is penalized, the funds withdrawn or just the interest that was generated from those funds?
Hi there, we'd have to know the details as why you are withdrawing. If it's for a qualified expenses then there isn't a penalty. Please call our customer service for more information: 1-888-524-2253.
Anything that relates to the persons with a disability and helps them improve or maintain their health, independence or quality of life. For example, additional therapies, enhancements to wheelchair, potentially exercise classes or equipements
Question regarding non qualified uses of ABLE savings account funds. I read there is tax & penalty of 10%. What exactly is penalized, the funds withdrawn or just the interest that was generated from those funds?
Hi there, we'd have to know the details as why you are withdrawing. If it's for a qualified expenses then there isn't a penalty. Please call our customer service for more information: 1-888-524-2253.
I was wondering what qualifies for medical bills
Anything that relates to the persons with a disability and helps them improve or maintain their health, independence or quality of life. For example, additional therapies, enhancements to wheelchair, potentially exercise classes or equipements