Treasurer Fitzgerald Celebrates ABLE to Save Month With an IAble Webinar
Des Moines, Iowa – August is ABLE to Save Month and State Treasurer Michael Fitzgerald is teaming up with the Iowa Developmental Disabilities (DD) Council to celebrate by providing a webinar on Iowa’s ABLE plan, IAble. “Join us on August 26 at 5 p.m. for a free webinar covering all things IAble,” said Fitzgerald. “We will discuss the basics, such as eligibility and benefits, in addition to the highly anticipated legislative updates, which includes changes to Medicaid recapture and authorized individual documentation requirements.” Register for the webinar by visiting IAble.gov/resources/about-us/webinars.
ABLE to Save Month is a national campaign aimed at providing information on the significance of Achieving a Better Life Experience (ABLE) plans for an individual with a disability and their family. These savings plans allow eligible individuals to save money and protect it from asset caps, including those placed on Supplemental Security Income (SSI) and Medicaid. Account owners can use their savings to pay for qualified disability-related expenses such as housing, assistive technology, support services and more.*
“IAble is having a significant year of growth as more people learn about the plan,” continued Fitzgerald. “More than 1,200 account owners are saving for their version of a better life experience, and I hope this webinar will encourage more individuals to consider the plan as a valuable savings tool.”
Along with the ability to save and maintain important benefits, account owners and their loved ones can also take advantage of IAble’s tax benefits. Any Iowa taxpayer contributing to an IAble account, including the account owner, family and friends, can deduct up to $3,474 in contributions from their adjusted gross income for 2021.** Plus, the earnings investments are federally tax-free, if used for qualified disability-related expenses.
*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.