TaxBandits Knowledge Base

What is a program-to-program transfer for an ABLE account?

A program-to-program transfer refers to the direct movement of funds between ABLE accounts. This can involve either:

• Transferring the entire balance from one ABLE account to another ABLE account for the same beneficiary, with the original account being closed after the transfer is completed.

Or

• Transferring part or all of the balance from one ABLE account to another ABLE account for a different eligible individual who is a family member of the original beneficiary.

In both cases, the transfer occurs directly between the accounts without any funds being distributed or considered distributed to the beneficiary.