Treasurer Smith Celebrates Six Years of IAble
DES MOINES – State Treasurer Roby Smith is celebrating IAble’s sixth anniversary by reminding Iowans of the Plan’s benefits. “IAble provides individuals with disabilities the tools to save money without limiting their access to important benefits,” said Smith. “By reminding Iowans of the Plan’s benefits, I’m hopeful I can help even more individuals pursue a financially independent life.”
IAble, administered by Treasurer Smith, is Iowa’s Achieving a Better Life Experience (ABLE) plan. “A common reason we hear people are saving with IAble is to help them overcome the $2,000 asset cap placed on federal assistance programs,” continued Smith. “Being able to spend money on the items and experiences that improve their quality of life, without worrying about essentials such as healthcare assistance, likely puts many of their minds at ease.” IAble Account Owners can save up to $17,000 per year without impacting their eligibility for Supplemental Security Income (SSI), Medicaid and other federal assistance programs. Money in an Account can be used for rent, groceries, assistive technology, transportation and other qualified disability-related expenses.
IAble Account Owners can mix and match between six investment options, plus a convenient checking account option, to help them reach their goals. IAble also offers a tax deduction for any Iowa taxpayer contributing to an Account, including the Account Owner, family and friends. In 2023, up to $3,785 in contributions can be deducted from Iowa income taxes.