Treasurer Fitzgerald Announces IAble Giveaway
DES MOINES, IA – Iowa’s ABLE plan, IAble, is doing their first-ever Scavenger Hunt giveaway with five chances to win a $150 gift card. Beginning on December 1 and continuing every Tuesday through December 29, State Treasurer Michael Fitzgerald will post an IAble related question to his official Facebook and Twitter accounts, @IowaTreasurer. Find the answer to the posted question using the IAble website, IAble.gov, and submit it using the link on the social media post. All entries with a correct answer will be placed in a drawing to win. Receive up to five entries per person by submitting an answer to the weekly Scavenger Hunt question. You do not need to be an IAble account owner, or be eligible for an IAble account, to participate in the giveaway. The giveaway is open to residents of Iowa.
Treasurer Fitzgerald, administrator of IAble, looks forward to more individuals with disabilities learning about the plan’s benefits through the giveaway. “IAble is more than a tax-advantaged savings plan for individuals with disabilities,” said Fitzgerald. “It’s an opportunity to live, plan and save for their version of a better life experience. This giveaway is great way to highlight that.”
With IAble, eligible individuals with disabilities and their families can save for qualified disability related expenses – such as food, housing, assistive technology and more – while protecting those savings from Supplemental Security Income (SSI) and Medicaid resource limits.* Plus, any Iowa taxpayer, not just the account owner, can deduct up to $3,439 in contributions from their 2020 Iowa income taxes.** Since its launch, IAble has grown to more than $6.9 million in assets and over 900 accounts.
Visit IAble.gov/resources/giveaways to read the official rules and submit answers to giveaway questions by December 31, 2020. To learn more about IAble, visit IAble.gov or call (888) 609-8910. Follow @IowaTreasurer on Facebook and Twitter to get the latest information on the giveaway and to keep up with all Treasury programs.
*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.
**The Federal Annual Contribution Limit is $15,000. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted annually for inflation.