State Treasurer of Iowa

Holiday Cheer with IAble: Ugift Makes it Easy

If you’re anything like me, you’re always searching for a better gift to give your family every holiday season. Between family gatherings and continuing with our daily lives, it’s easy to get overwhelmed with tasks. For the caregiver of an individual living with a disability, these tasks can feel even more daunting. With November being National Family Caregivers month, we want to increase our support for caregivers and provide one less thing to worry about.

With IAble, or Iowa’s Achieving a Better Life Experience program, some persons with disabilities and their families can save for disability-related expenses without risking the loss of their Supplemental Security Income (SSI) and Medicaid benefits. Making a contribution to an IAble account is easy and could be a great idea for a gift! Anyone can use the Ugift program to contribute to an existing IAble account for their holiday gift-giving season.

You may recognize Ugift as a way to contribute to a 529 college savings plan, but Ugift is also a convenient way to contribute to an ABLE account. If you know someone with an IAble account, ask them for their unique Ugift code, and then log in to UgiftABLE.com to give your gift. Contributors can send their gifts electronically or via mail and the money can be sent at any time, not just during the gift-giving season.

We know your main priority when saving with an IAble account is to save for disability-related expenses while protecting eligibility for assistance programs, but contributing to an IAble account has other benefits too. As an Iowa taxpayer, anyone can deduct up to $3,387 in contributions from your 2019 adjusted gross income.* Plus, as a caregiver you can easily save for your loved one and focus on spending more quality time with them.

Since the program’s inception in January of 2017, I’m pleased to say over 590 accounts have been opened with IAble with more than $3.5 million in assets. It is encouraging to see individuals with disabilities, as well as their families and friends, contributing towards their financial goals. You can create an IAble account with only an initial investment of $25, and each additional contribution can be as low as $25. Earnings on these accounts work similar to College Savings Iowa and are tax-free when used for qualified expenses.**

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.

* If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted annually for inflation.

** 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.

© 2019 State Treasurer of Iowa. All rights reserved.