1,000 Individuals with Disabilities Save with IAble
DES MOINES, IA –State Treasurer Michael Fitzgerald is celebrating the 1,000 individuals with disabilities who are saving with IAble accounts. “I’m pleased to see more Iowans and their families saving with IAble to pay for qualified expenses while maintaining their essential benefits,” said Fitzgerald. “As we reach this milestone, it makes me more committed to ensuring individuals with disabilities use the program to achieve their version of a better life experience.”
After the Achieving a Better Life Experience (ABLE) act was passed by the federal government, the Iowa legislature created the Iowa ABLE Savings Plan Trust and Treasurer Fitzgerald launched Iowa’s ABLE plan, IAble. This tax-advantaged savings plan provides an opportunity for eligible individuals to save above the $2,000 resource limit and maintain federal benefits such as Supplemental Security Income (SSI) and Medicaid. Account owners can save for qualified disability-related expenses such as housing, food, assistive technology and transportation.* Additionally, any Iowa taxpayer contributing to an IAble account can deduct up to $3,474 in contributions from their adjusted gross income for 2021.**
“I wish I could individually congratulate each of the 1,000 account owners for taking the step towards financial freedom,” said Fitzgerald. “We’re only scraping the surface of the opportunities IAble can provide for an individual with a disability, and I look forward to celebrating more accomplishments from the plan as we continue to grow.”
IAble has grown to hold over $8.7 million in assets with an average account size of $8,480. For more information about the plan, please visit IAble.gov or call (888) 609-8910. You can keep up with all of the Treasurer’s programs on Facebook and Twitter.
*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.
**Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.