FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- My ABLE Prepaid Card was stolen. How do I protect my account?
- If your card is lost or stolen, please deactivate the card immediately to protect against fraud and prevent additional transactions. You can deactivate the card online, through the 24/7 automated phone system (1-888-219-9054), or by speaking with the True Link Customer Support team at... Read more
- How can I cancel my ABLE Prepaid Card?
- If you would like to cancel your card, simply log in to your card administrator dashboard and click the “Account” tab. Then select the “Permanently close card” button. Alternatively, you can contact pre. Please do not allow others to use an expired, revoked, canceled, suspended, or otherwise... Read more
- Are there any fees associated with the ABLE Prepaid Card?
- There are no transaction fees with the ABLE Visa® Prepaid Card. You can expect to be charged a monthly fee of $1.25 once you’ve activated your card.* Please note that the monthly fee is charged every month, regardless of how often you use—or don’t use—the card. * Other fees, terms, and conditions... Read more
- Can I connect more than one bank account or type of account?
- Yes, you can connect more than one bank account and multiple types of bank accounts. While both checking and savings account types can be linked to your Hawai'i ABLE account at the same time, please note, the set-up process requires individually connecting each account. The Authorized Legal... Read more
- Could saving for retirement impact my benefits?
- The short answer is, yes. Hawai'i workers may choose to invest in both an ABLE savings account and a separate retirement savings account; however, retirement accounts were not designed with the same protections in mind as ABLE accounts. The money saved in an ABLE account does not count against... Read more
- What is a non-qualified withdrawal?
- A non-qualified withdrawal is any withdrawal that is not considered a qualified expense, a taxable withdrawal, or a rollover. Apart from these exceptions, the earnings portion (not the amount you contributed) of a non-qualified withdrawal typically is subject to federal income tax and an additional... Read more
- Are there tax penalties on withdrawals for non-qualified expenses?
- Yes. If you make a withdrawal from your account for a non-qualified expense, the earnings tied to that distribution will be considered taxable income. A withdrawal used for a non-qualified expense could affect your eligibility for benefits such as Supplemental Security Income (SSI) or... Read more
- Is there a benefit to filing a tax return, even if I have low, or no, income?
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Yes. Credits may earn you a tax refund! If you qualify for credits, but owe no tax, you can claim the excess tax credit as a refund when you file your return.
- If I move from Hawai'i, can I keep my Hawai'i ABLE account?
- Yes. You can keep your money invested in your account and you can keep contributing to it, too. But, since you will no longer be a state resident, you cannot benefit from any state income tax credit unless you continue to pay state income taxes. You also have the option to roll over your account to... Read more
- Are contributions made pre-tax or after-tax?
- The money that you contribute to your Hawai'i ABLE account is made with after-tax dollars, and any of your account earnings can be withdrawn and used to pay for qualified expenses tax-free. Any money added to the account could qualify for a state income tax credit, which means you’ll have even more... Read more
