DES MOINES, Iowa – State Treasurer Michael L. Fitzgerald and Iowa families are celebrating two years of savings with Iowa’s Achieving a Better Life Experience program (IAble). IAble is a savings program which offers people with disabilities and their families the ability to save and earn tax benefits at the same time. Launched in 2017, IAble allows persons with disabilities and their families the opportunity to plan for their future financial well-being. In addition, they enjoy tax-deferred savings as well as an Iowa tax deduction. And for these families, they can do this without the individual losing eligibility for certain assistance programs like 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. “Since the program launched two years ago, over 450 accounts have opened with more than $2.4 million invested. 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 with as little as $25.
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. Additionally, Iowa taxpayers who contribute to an IAble account can deduct up to $3,387 in contributions from their 2019 adjusted gross income.
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).