Guest Editorial from State Treasurer Michael L. Fitzgerald
Like many individuals, I’ve had to make changes this year. From altering family traditions to adding a mask to my daily attire, I’ve been reminded of what is important in life. IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan, helps individuals with disabilities pursue what is most important in their life by saving with the plan. To highlight the impact IAble can have, the plan is giving away five $150 gift cards in the 2020 IAble Scavenger Hunt Giveaway.
Every Tuesday through December 29, I will post an IAble related question to my official Facebook and Twitter accounts, @IowaTreasurer. Find the answer to the posted question using the IAble website, IAble.gov, and submit it using the link on the social media post. You can receive up to five entries by submitting an answer to each weekly question. You do not need to be an IAble account owner to participate in the giveaway, but you do need to be a resident of Iowa.
IAble encourages individuals with disabilities to dream of, save for and pursue their version of a better life experience while protecting eligibility for means-tested programs such as Supplemental Security Income (SSI) and Medicaid. Qualified disability-related expenses includes food, housing, assistive technology and more.* Additionally, any Iowa taxpayer, not just the account owner, can deduct up to $3,439 in contributions from their 2020 Iowa income taxes.**
Visit IAble.gov/resources/giveaways to read the official rules and submit answers to giveaway questions by December 31, 2020. To learn more about IAble, visit IAble.gov or call (888) 609-8910. Follow @IowaTreasurer on Facebook and Twitter to get the latest information on the giveaway and to keep up with all Treasury programs.
About the author: Iowa State Treasurer Michael Fitzgerald is the administrator of Iowa’s ABLE Savings Plan Trust and IAble. Since IAble’s launch in 2017, the plan has grown to hold over $7.2 million in assets and has an average account size of $7,881 between 925 accounts.
*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.