Skip to main content
IAble
Main Content

Qualified Expenses

What are Qualified Disability-Related Expenses?

These are ANY expenses incurred as a result of living with a disability and are intended to improve your quality of life. The definition of a qualified disability-related expense was intentionally left broad to encompass the wide variety of expenses individuals with disabilities may have. 

Qualified expenses include, but are not limited to:

  • Education

  • Health and wellness

  • Housing

  • Food

  • Transportation

  • Legal fees

  • Financial management

  • Employment training and support

  • Assistive technology

  • Personal support services

  • Oversight and monitoring

  • Funeral and burial expenses

  • Basic living expenses.

 

Easily track your withdrawals

At the time of withdrawal, you do not need to prove that the withdrawal is for a qualified disability expense. Annually, IAble will report the total amount of your withdrawals to the IRS and the date and amount of each withdrawal to the Social Security Administration. In the event that either entity wants to verify the expenses, it's recommended that you keep detailed records. IAble has created an optional Qualified Expenses Withdrawal Log to assist in the tracking of disability-related expenses.

*Please note: This log is an optional tool provided by the State of Iowa Treasurer's Office for the benefit of IAble participants. This is not a required form and is not intended as tax advice. Please do not send this form to IAble.

Qualified Expenses Withdrawal Log

 

Non-Qualified Expenses

The determination as to what is a qualified disability expense is the responsibility of the account owner or authorized individual. If you use your IAble account assets for non-qualified expenses, the earnings portion of the withdrawal will be treated as income, so it will be taxed at your tax rate, and will be subject to a 10% federal tax penalty and applicable state taxes.

For more information about qualified expenses, please refer to our Program Description.

Program Description

© 2020 IAble. All rights reserved.