Treasurer Smith Reminds Iowans That IAble Account Contributions Can Be a Team Effort
DES MOINES – State Treasurer Roby Smith, administrator of Iowa’s Achieving a Better Life Experience (IAble) plan, is reminding individuals with disabilities and their support systems that contributions to an IAble account can be a team effort. “Life isn’t an individual sport. We surround ourselves with teammates, who help us work toward our goals. IAble account contributions can come from a variety of sources, including the Account Owner, family, friends and other members of their support system,” Smith said. “Teamwork helps make the dream of greater financial freedom work.”
Together, Account Owners and their support systems can contribute up to $17,000 per year to an IAble account, allowing individuals with disabilities to save and maintain eligibility for federal assistance programs such as Supplemental Security Income (SSI) and Medicaid. Funds in an account can be used for qualified disability-related expenses like housing, food, support services and assistive technology that help improve or maintain health, independence or quality of life.
Plus, there are tax advantages to saving with IAble, including a state tax deduction. Not only can Account Owners take the deduction, but others on their team could as well. Any Iowa taxpayer contributing to an IAble account can deduct up to $3,785 of their contributions from their state taxable income for 2023. “When a team works together, everyone reaps the benefits!” concluded Smith.