DES MOINES, Iowa – State Treasurer Michael L. Fitzgerald wants all holiday shoppers to know about a truly meaningful gift they can give their loved ones with disabilities – a contribution to their account with Iowa’s Achieving a Better Life Experience (IAble) plan. “Before ABLE plans, individuals living with disabilities didn’t have many options for receiving monetary gifts if they wanted to maintain their eligibility for federal assistance programs,” said Fitzgerald. “Now, IAble provides the disability community with a means to save their money without compromising their benefits.”
To support the loved ones in your life who are living with a disability, consider using Ugift® – a free and easy way to make a contribution to an IAble account. Account owners can log in to their IAble accounts, locate their specific gifting code and distribute it to family and friends who are interested in making a contribution. Money can be sent electronically or by mail. “The funds you contribute will be invested in the account owner’s IAble plan to help them save for necessary expenses to improve their health, independence or quality of life,” added Fitzgerald. “Assisting a loved one on their journey to achieve a better life experience is an incomparable gift.”
IAble, a program administered by Fitzgerald, allows individuals with disabilities and their support systems to save up to $15,000 a year in their account without compromising their eligibility for SSI, Medicaid and other public benefits.* Funds in an account can be spent on any qualified disability expense that helps the account owner achieve a better life experience. Examples of qualified disability expenses include education, assistive technology, support services and basic living expenses.** The plan also offers generous tax benefits, which includes a $3,474 deduction from state income taxes for Iowa taxpayers in 2021.*** The deduction is not just for account owners, but applies to any Iowa taxpayer who has contributed to an IAble account.
During the season of giving, gift your loved one something that will truly make an impact on their life. To learn more about Ugift, visit ugiftable.com. Head to IAble.gov for more details on the plan and its benefits. Stay in touch with the Treasurer on his Facebook and Twitter for news, tips and updates on all his programs.
*The Federal Annual Contribution Limit is $15,000. However, IAble account owners who earn income may contribute additional funds beyond the annual contribution limit.
**Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as applicable state and local income taxes.
***If withdrawals are not qualified, the deductions must be added back to Iowa taxable income by the Account Owner. Adjusted annually for inflation.