Wisconsin

Program Name: No program – eligible Wisconsin residents may open an account with another state that accepts non-residents into its program.
State Program Manager: NA
Accepts Out Of State Residents: No
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 Wisconsin.
Program Banking Institution: NA
Program Investment Institution(s): NA
State Income Tax Deduction: Yes. Wisconsin has adopted the provision of federal law that allows ABLE accounts to be established in any state, not just in the state of residence of the disabled individual. A Wisconsin subtraction from federal adjusted gross income is allowed for the amount deposited in the taxable year into an ABLE account by an account owner or any other person.
FDIC Insured: No. NA
ABLE Legislation:

2015 Senate Bill 21 – 2015 WISCONSIN ACT 55

 

 


Additional Information:

The cumulative limit for an ABLE account is set by each state’s ABLE program; Wisconsin residents must adhere to the asset limit of the state program in which they open an account.

ABLE was added to the Executive Budget Act of 2015 (SB 21) on 7/12/15.

IMPORTANT NOTE: AB 731 was introduced on 1/15/16.  This legislation repeals the Wisconsin ABLE Law but applies a state income tax deduction to ABLE accounts opened in other states. AB 731 passed Assembly on 2/16/16 and the Senate concurred on 3/16/16. It was signed into law on 3/30/16.

Program at a Glance

  • Fee Range
  • Are there other characteristics unique to your program?

    Wisconsin allows a state income tax deduction for contributions to ABLE accounts opened in other states. Find more information on the Wisconsin Department of Revenue website.

    • No program – eligible Wisconsin residents may open an account with another state that accepts non-residents into its program.