DES MOINES, IA – April is nationally recognized as Autism Awareness Month, and State Treasurer Michael Fitzgerald is taking this opportunity to shine light on Iowa’s Achieving a Better Life Experience (ABLE) plan, IAble. As a tax-advantaged savings plan for individuals with disabilities, IAble allows eligible individuals to save for qualified expenses related to living with a disability without the risk of losing eligibility for federal benefits. “IAble is designed to assist individuals with disabilities in achieving their own version of a better life experience,” Fitzgerald said. “By celebrating national awareness campaigns, we are able to call attention to the program and the possibilities it can bring.”
Administered by Treasurer Fitzgerald, IAble allows eligible individuals with disabilities and their families to save above the limits for Supplemental Security Income (SSI) and Medicaid through checking and investment options. The savings can be used for disability related expenses such as housing, assistive technology, legal fees, transportation and more.* Additionally, any Iowa taxpayer contributing to an IAble account, not just the account owner, can deduct up to $3,439 from their 2020 state taxes.**
“When we come together and recognize Autism Awareness Month, we empower persons with disabilities,” said Fitzgerald. “We celebrate the remarkable abilities that are greater than the disability. IAble strives to be part of that mission and does so with each account opened.” IAble currently has $4.4 million in assets and 718 accounts for individuals with disabilities and their families.
*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. Adjusted annually for inflation.