Contributing to a NY ABLE Account

Anyone can contribute to a NY ABLE account, and there are many ways to contribute.  An account can be opened for as little as $25 – or just $15 when investing through a payroll deduction plan. Contributions to a NY ABLE Account may be made via:

  • online
  • check, made payable to NY ABLE and mailed to:
    PO Box 55087
    Boston, MA 02205
  • payroll direct deposit,
  • recurring contribution,
  • electronic funds transfer,
  • an online gifting option called Ugift, or
  • rollover from another state’s ABLE program.

NY ABLE contributions must be made directly to the Program and not through an ATM or a bank branch. The maximum allowable contribution to a NY ABLE Account is $15,000 per year.  Once this balance is reached, no further contributions can be made until the start of the next calendar year.  Each NY ABLE Account has a maximum contribution limit of $520,000.

Contributing Earned Income

ABLE account owners who earn income may contribute more to their accounts than the program's annual $15,000 limit. The additional annual contribution is equal to the federal poverty line for a one-person household ($12,760 for the 2021 tax year) or the account owner's income, whichever is less. Working account owners are not eligible to contribute the additional funds if they are already contributing to a retirement plan such as:

  • a defined contribution plan
  • an annuity contract
  • an eligible deferred compensation plan

Please check with a tax advisor regarding your ability to contribute additional earned income, if you participate in any of the above retirement plans.

If you have earned income and are eligible, fill out the Earned Income Self Certification form.

Rollovers from 529 College Savings Programs

529 College Savings Program account owners are eligible to roll over 529 Plan assets to an ABLE account owned by a beneficiary or a member of that beneficiary’s family1 with no federal or New York State tax impact. These rollovers are subject to the annual contribution limit for ABLE accounts.

Savers Credit

ABLE account owners who contribute to their accounts may receive a federal tax credit, called Saver's Credit, for up to $2,000 to help save for retirement. Eligibility is based primarily on Adjusted Gross Income and other eligibility critera detailed here.

Recurring Contributions

Put savings on auto-pilot by signing up for recurring contributions. These are contributions of a specific amount made automatically into a NY ABLE account on a pre-determined  basis. For example, an Account Owner can set up recurring contributions of $25 per month.

Help from friends and family with Ugift®

Anyone can contribute directly to a NY ABLE Account – and no matter who contributes, the Account Owner retains control over the Account.

NY ABLE makes it even easier through Ugift®, a free-to-use service that lets friends and family contribute to an account using a unique code. Account Owners can opt-in to receive a Ugift code, which then can be used to make a gift contribution at any time at Opt in to receive a Ugift code by logging in.

Third parties may also contribute to a NY ABLE account via check.

Already saving in another State’s ABLE program?

New York residents can move an ABLE account from another state into the NY ABLE program.

Have questions?

Call us at 1.855.5NY.ABLE (1.855.569.2253) Monday – Friday from 8 a.m. – 8 p.m. ET

New York State Relay System: 711 or 800-662-1220


1Member of the family" is defined in the Internal Revenue Code §529 and includes the original 529 Plan beneficiary's children, siblings, parents, cousins, nieces, nephews, aunts, uncles, grandparents, and spouse.

No Guarantee: None of the State of New York, its agencies, Ascensus Investment Advisors, LLC, Ascensus Broker Dealer Services, Inc., nor any of their applicable affiliates insures accounts or guarantees the principal deposited therein or any investment returns on any account or investment option. Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Checking Option, NY ABLE accounts will be subject to investment risks, including loss of the principal amount invested.  

Investments are not FDIC-insured (Except for the Checking Option).  No Bank, State or Federal Guarantee. May Lose Value.