Achieve Financial Freedom with IAble
Des Moines, Iowa – State Treasurer Michael Fitzgerald encourages individuals with disabilities and their support system to kick off the warm weather by saving with IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan. “Don’t skip over the IAble savings plan like Mother Nature skipped over spring,” said Fitzgerald. “Financial freedom is a right everyone should be entitled to pursue, and IAble is here to make that possible for individuals with disabilities.”
When saving with IAble, account owners and their support system can contribute to an account and protect the funds from the $2,000 asset cap placed on federal benefits like Supplemental Security Income (SSI) and Medicaid. Funds can be used to pay for qualified disability-related expenses such as assistive technology, support services, groceries, rent and more.*
Administered by Fitzgerald, the Plan has grown to more than 1,500 accounts and $13 million in assets. “Like the first consecutive warm days after what seemed like a never ending winter, IAble gives individuals with disabilities hope of a brighter tomorrow,” he continued. “Overcome the burden of living under asset caps and achieve your version of a better life experience with IAble.”
In addition to the ability to save, there are also great tax incentives. For example, any Iowa taxpayer contributing to an IAble account, including the account owner, family members and friends, can deduct up to $3,522 from their Iowa income taxes in 2022.**
To learn more about IAble, watch a recording of the latest webinar at IAble.gov/Resources/About-Us/Webinars, which was hosted in conjunction with the Iowa Developmental Disabilities Council on May 3. Connect with the Treasurer on Facebook, Twitter and Instagram.
*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.
**If withdrawals are not qualified, the deductions must be added back to Iowa taxable income by the Account Owner. Adjusted annually for inflation.