Indiana
Program Name:
INvestABLE Indiana (click to open an account) Phone: 1 (888) 609-3457
Status: Open for Enrollment
State Program Manager: Ascensus College Savings Recordkeeping Services, LLC
State Account Limit: $450,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $18,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to his or her ABLE Account. The additional amount that may be contributed is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $14,580 for residents of the continental U.S.; $18,210 for residents of Alaska and $16,770 for residents of Hawaii.
Program Banking Institution: Fifth Third Bank
Number Investment Options: 7
Program Investment Institution(s): The Investment Options include 6 Target Risk Options with Underlying Investments managed by BlackRock, Schwab, Vanguard, Capital Group-American Funds, and Sallie Mae Bank. Fifth Third Bank provides the 7th Investment Option, a Checking Account Option, that invests 100% of its assets in an FDIC-insured checking account.
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.
Contributions made by check, recurring contribution, or EFT to the Checking Account Option will be available for withdrawal after six business days. Contributions to the Target Risk Investment Options made by check, recurring contribution, or EFT will be available for withdrawal after 5 business days. There will be a hold of 10 business days on withdrawal requests when there is a change of address.
Medicaid Estate Recovery Status: Indiana state Medicaid will not recapture funds from an Indiana ABLE account unless required by federal law.
State Income Tax Deduction: Yes. Indiana taxpayers can deduct up to $4,028 per account in contributions from their adjusted gross income for 2024. This deduction only applies to contributions made to IAble Accounts. Consult with a tax preparer to discuss your tax matters.
FDIC Insured: Yes. The Checking Account Investment Option invests 100% of its assets in a checking account held at Fifth Third Bank, which offers FDIC insurance up to $250,000, subject to certain restrictions. The ABLE Account cannot be opened at a Fifth Third Bank branch. Visit the Plan’s website to open the ABLE Account.
ABLE Legislation:
Please see the Plan Disclosure Please See ABLE Plan Disclosure Documents
Program at a Glance
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Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Yes. $25. -
Is there a required minimum contribution to your account? If so, what is the amount?
Yes. $25. -
Is there an annual set fee to maintain the account? If so, how much?
Yes. Annual Account Maintenance Fee (assessed quarterly): $56.00 for paper delivery of confirmations and statements ($14.00/quarter) $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter). -
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
No. -
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. A Fifth Third Bank Checking Account Option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for Accounts with an average daily balance of greater than $250, or if enrolled in E-delivery -
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
Yes. $0. - Fee Range
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Annual Maintenance Fee:
Annual Account Maintenance Fee (assessed quarterly): $56.00 for paper delivery of confirmations and statements ($14.00/quarter) $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter). -
Check Fee:
Checkbooks containing 40 checks may be purchased for $6.00 per checkbook. Once the checking account balance reaches at least $25.00, payment for checkbooks may be made from funds in the account. -
Debit Card Fee:
A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery. -
Investment Option Fee Range:
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Statement Fee:
Annual Account Maintenance Fee (assessed quarterly): $56.00 for paper delivery of confirmations and statements ($14.00/quarter) $31.00 for e-delivery of confirmation and statement notifications ($7.75/quarter). -
ABLE Account Transfer Fee:
$0 -
Withdrawal Transaction Fee:
$0
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Annual Maintenance Fee:
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Are there other characteristics unique to your program?
Indiana is a member of the National ABLE Alliance, a bi-partisan consortium of states and the District of Columbia. INvestABLE Account Owners benefit from powerful oversight, high-quality plan features and low-cost, strong-performing investments. Account Owners have access to an exclusive, fully integrated Fifth Third, FDIC-insured Checking Account Option, which is available with a real-time debit card and check-writing capability. INvestABLE is available to both in-state and out-of-state residents, and beginning taxable year 2024, a state tax credit of 20% worth up to $500 will be available to any Indiana taxpayer who contributes into an Indiana ABLE account. Anyone can contribute to an INvestABLE Account, and the easy-to-use Ugift feature makes gift contributions easy.
Where can I find the ABLE Plan’s investment performance information? Please See ABLE Plan Disclosure Documents