DES MOINES, IA – State Treasurer Michael Fitzgerald is teaming up with ABLE plans across the nation to celebrate ABLE to Save Month this August. ABLE to Save is a national campaign that aims to educate individuals with disabilities, and their families, about Achieving a Better Life Experience (ABLE) accounts and how these plans can help them achieve the road to financial stability. As administrator of Iowa’s ABLE plan, IAble, Fitzgerald has big plans to celebrate. “We’ve partnered with the Iowa Developmental Disabilities (DD) Council to provide a free webinar on August 18 for the public to learn about IAble and hear first-hand from two IAble account owners,” said Fitzgerald. “It’s time to open up the conversation about IAble and encourage family and friends to contribute to an account or open one if they are eligible.”
IAble is a tax-advantaged savings plan created specifically for eligible individuals with disabilities. The funds in an account are excluded from Supplemental Security Income (SSI) and Medicaid resource limits and can be used for qualified disability-related expenses such as food, housing, assistive technology, daily expenses and more.* Plus, any Iowa taxpayer contributing to an IAble account, not just the account owner, can deduct up to $3,439 in 2020 from their state income taxes.**
“With IAble, individuals with disabilities can involve family and friends in saving for and funding disability-related expenses,” explained Fitzgerald. “They can save or invest in short-term and long-term savings goals, while still maintaining those essential benefits. Now is the chance to help them out.”
The IAble/Iowa DD Council webinar will be held on August 18, 2020 at 6:00 p.m. Register for the webinar by visiting bit.ly/IAbleWebinar. For more information about IAble or the Iowa Developmental Disabilities Council, visit their respective websites at IAble.gov and IowaDDCouncil.org. Keep up with all of the Treasurer’s programs on Facebook and Twitter by following @IowaTreasurer.
* 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.
** The Federal Annual Contribution Limit is $15,000. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted annually for inflation.