Withdrawals may be requested by:
- logging into the account online
- calling NY ABLE toll-free at 855-5NY-ABLE (855-569-2253)
- check or ATM card in the case of withdrawals from the Checking Option.
In certain instances, additional documentation may be required before a withdrawal may be processed. Only the Account Owner, the parent or legal guardian, or the Authorized Individual (as applicable) may direct withdrawals from a NY ABLE Account.
Withdrawals will be sent by check or ACH to the Account Owner at the address on the Account, or to a third party designated by the Account Owner.
On an annual basis, NY ABLE will report the total amount of withdrawals from each Account to the IRS, as well as the date and amount of each withdrawal to the Social Security Administration. Although proof that withdrawals are for qualified expenses is not required at the time of withdrawal, the Account Owner should keep detailed records in the event that the IRS or SSA requests information about withdrawals.
An Account can be set up to make automatic withdrawals, such as when the Account will be used to make payments each month. Automatic withdrawals can be made to the bank listed on the Account, by mail to the Account Owner’s address, or to a third party.
Impact on benefits
Money the Account Owner withdraws and uses for housing expenses may affect SSI benefits if it is not used right away. To avoid any impact on SSI benefits, be sure to spend housing money within the same calendar month that it is withdrawn.
For more information on how the Social Security Administration will treat NY ABLE Accounts, see their recent guidance.
Call us at 1.855.5NY.ABLE (1.855.569.2253) Monday – Friday from 8 a.m. – 8 p.m. ET
VRS for hearing impaired: 711 or 800-662-1220
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.