In December 2014, the federal government passed the Achieving a Better Life Experience (ABLE) Act. This legislation allowed states to offer tax-free savings accounts for individuals with disabilities and their families. In 2015, Iowa's version of the bill was signed into law, paving the way for IAble.
With IAble, individuals with disabilities and their families can save for disability-related expenses without losing their eligibility for certain federal assistance programs, like Supplemental Security Income (SSI) and Medicaid. IAble accounts can be used for short-term saving or long-term investing, whichever best meets the needs of the account owner.
Saving with IAble
Learn more about how saving with an IAble account gives qualified individuals with disabilities (Eligible Individuals), and their families and friends, a tax-advantaged way to save for disability-related expenses while maintaining important government benefits.
- Eligibility Quiz: Not sure if you or a loved one are eligible to open an IAble account? Our Eligibility Quiz can help guide you.
- Maintain Benefits: IAble can allow you to save more while protecting you from benefit asset caps.
- Qualified Expenses: Funds saved in an IAble account can be used for a wide variety of qualified expenses.
- Tax Advantages: Along with the federal tax benefits, Iowa taxpayers have additional tax benefits when saving with an IAble account.
- IAble Fact Sheet: See the fact and figures that help make up IAble. The fact sheet includes total assets, total accounts, average account size and more!
- Frequently Asked Questions: Check out our FAQ page to learn even more about IAble.
- IAble Newsletter: Sign up for our quarterly IAble newsletter to stay up to date with the latest information from the plan.
Are you interested in having an IAble speaker at your event? Fill out our speaker request form and a member of Treasurer Fitzgerald's staff will be in touch!