Contribution limits

• 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 generally $18,000 per year.¹ Once this balance is reached, no further contributions can be made until the start of the next calendar year.
• However, ABLE account owners who earn income may contribute more. The additional annual contribution is equal to the federal poverty line for a one-person household ($14,580 for residents of the 48 contiguous states and the District of Columbia, $16,770 for Hawaii residents and $18,210 for Alaska residents in 2024) 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
• Each NY ABLE account has a maximum contribution limit of $520,000.

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.

¹This annual contribution limit is subject to change.