IAble Reaches $10 Million in Assets under Treasurer Fitzgerald’s Administration
DES MOINES, Iowa – State Treasurer Michael Fitzgerald announces Iowa’s Achieving a Better Life Experience (ABLE) plan, IAble, has grown to $10 million in assets. “This milestone is a testament to how important IAble is for individuals living with a disability,” said Fitzgerald. “Alongside their families, they are working hard to save money, which is difficult to do outside of an ABLE account. Their perseverance to reach their dreams has built the plan to where it is today and I’m proud to accompany them on their IAble journey.”
Following the passage of the federal Stephen Beck, Jr., ABLE Act, states were authorized to create their own ABLE programs. These accounts allow eligible individuals with disabilities to save for qualified disability-related expenses such as assistive technology, personal support services, financial management, basic living expenses and more.* ABLE account assets are protected from determining eligibility for Supplemental Security Income (SSI), Medicaid and other means-tested programs.
“I also want to recognize the family members and friends who help account owners save with IAble,” said Fitzgerald. “Loved ones can feel confident in giving a monetary gift or saving for their child’s future without the worry of risking important benefits for the account owner. As a bonus, those who contribute to an IAble account may receive an Iowa state tax deduction.” Any Iowa taxpayer can deduct up to $3,474 in contributions to an IAble account from their adjusted gross income in 2021.**
Subscribe to the IAble newsletter at IAble.gov/resources/news-and-updates to stay informed on plan updates. To learn more about IAble, visit IAble.gov or call (888) 609-8910. Keep up with all of Treasurer Fitzgerald’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.