Treasurer Smith Celebrates IAble's $10 Million Withdrawn for Qualified Disability Expenses

DES MOINES, IA (05/21/2024) (readMedia)-- State Treasurer Roby Smith announces IAble, Iowa's Achieving a Better Life Experience (ABLE) plan, has reached an important milestone. "I am proud to share IAble Account Owners have withdrawn more than $10 million to pay for Qualified Disability Expenses," said Smith. "This is not only a milestone for the Plan, but for the savers and their support system as well. To think, before ABLE plans existed, their savings were limited, but now they're able to work towards their financial goals. It's remarkable!"

IAble allows individuals with disabilities to protect their money from the $2,000 asset cap placed on many federal benefits. For example, up to $100,000 can be saved in an IAble account without jeopardizing Supplemental Security Income (SSI), and any amount saved is disregarded from Medicaid. "The $10 million in qualified withdrawals have been used to pay for personal support services, transportation costs, medical bills, assistive technology and even basic living expenses, like food," Smith says. "We've even heard of individuals using their ABLE account to buy houses and cars. The possibilities are endless!"

In addition to the wide range of Qualified Disability Expenses, the Plan also offers great tax savings. There are no annual taxes while the money is in the account, there are no federal or state taxes on qualified withdrawals and there is a state tax deduction for contributions. Any Iowa taxpayer can deduct up to $5,500 of their IAble contributions from their 2024 state taxable income, including the Account Owner, family and friends.

To learn more about IAble, visit IAble.gov or call (888) 609-8910. Connect with the Treasurer on Facebook, Instagram and X, to stay up to date on current events and Plan updates. For additional details, read the IAble Plan Disclosure Booklet.

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