IAble Accounts Benefit Iowans with Disabilities
October 30, 2018
DES MOINES, Iowa – State Treasurer Michael L. Fitzgerald reminds Iowans to explore IAble accounts as a way for people living with disabilities to save for disability-related expenses and achieve a better life experience. Signed into Iowa law in 2015, IAble allows families the opportunity to plan for the future financial well-being of a loved one with a disability on a tax-deferred basis, without the individual losing eligibility for certain assistance programs, such as SSI or Medicaid.
“IAble is a great way for those with disabilities and their families to build financial futures and achieve a better life experience,” Fitzgerald said. “With over 350 accounts in 64 of Iowa’s counties, it is encouraging to see individuals with disabilities, as well as friends and family, contributing towards their financial goals.” Anyone can contribute to an IAble account, and only $25 is required to enroll.
The federal Achieving a Better Life Experience (ABLE) Act of 2014 authorized tax-advantaged investment accounts similar to college savings programs such as College Savings Iowa. Earnings on IAble accounts are federally tax-deferred and state tax-free, if used for qualified disability expenses. Iowa tax-payers can deduct up to $3,319 in contributions from their adjusted gross income for 2018. IAble has over $1.7 million in assets.
For more information about IAble, please visit IAble.gov or call (888) 609-8910. Keep up with all of our programs on social media (Facebook and Twitter @IowaTreasurer).