Treasurer Smith Highlights IAble to Celebrate Leap Day
DES MOINES, Iowa – State Treasurer Roby Smith is using February 29 as a way to spread the word about IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan. “Whether you’re looking to leap over asset caps or leap into financial freedom, IAble can help you maximize the extra day in February by learning more about this savings plan for individuals with disabilities,” said Smith. “There’s no better way to spend this bonus day than with an opportunity to achieve your best life experience!”
IAble accounts help Eligible Individuals and their support system save money without impacting eligibility for federal benefits. Up to $100,000 in an IAble account is disregarded from Supplemental Security Income (SSI) eligibility, and any amount saved in an Account is disregarded from eligibility for Medicaid, Supplemental Nutrition Assistance Programs (SNAP), Housing and Urban Development (HUD) and other benefit programs.
“It’s no surprise the $2,000 asset cap placed on federal benefits can make it difficult to save for the future or even day-to-day expenses,” Smith said. “By protecting your savings from these asset caps, an IAble account can help you save for what is important to you.” Account assets can be used tax-free to pay for groceries, rent, healthcare, assistive technology, transportation and other Qualified Disability Expenses.
IAble Account Owners can choose between six Investment Options and a Checking Account Option, or a mix of up to all seven options. Up to $4,028 in contributions can be deducted from Iowa income taxes in 2024, and when used for qualified expenses, there is no federal or state income tax on Account growth.
Visit IAble.gov to learn more and read the Program Disclosure Booklet for details about the Plan. Follow the Treasurer on Facebook, Instagram and X, formerly Twitter, for updates and news.
