State Treasurer of Iowa

IAble Celebrates One-Year Anniversary

I am excited to announce that January marked the one-year anniversary of the Iowa Achieving a Better Life Experience program (IABLE). IAble is our newest savings program, offering persons with disabilities and their families the ability to save and earn tax benefits at the same time. Additionally, eligible account owners can save for qualified disability expenses without losing their eligibility for certain assistance programs, such as SSI and Medicaid
 
These accounts can be used for short term savings or long term investing with a choice of seven investment options, including a checking option with a debit card. Investment earnings grow federally tax-deferred and are tax-free if used for qualified disability expenses. Additionally, Iowa taxpayers who contribute to an IAble account can deduct up to $3,319 in contributions from their 2018 adjusted gross income. The account also grows federal and state tax-deferred and qualified withdrawals are federal and state tax free for Iowa taxpayers. 
 
Since the program began in January 2017, 280 accounts have been opened, with almost $950,000 invested. Eligible individuals or their authorized individual can open one account. Accounts can be opened online in just a few minutes, with as little as $25. 
 
Watch this recent profile from the Quad Cities to learn more about how IAble is changing lives. http://www.ourquadcities.com/news/new-program-helping-hundreds-with-disabilities/1045692087
 
Please visit IAble.gov to learn more. You may also call the program at 1-888-609-8910, or email us at ia.clientservices@savewithable.com.
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