State Treasurer, Michael Fitzgerald, has announced changes to Iowa’s Achieving a Better Life Experience (IAble) program that will allow additional contributions to user accounts and expand income tax deductions. IAble provides individuals with disabilities and their friends and family ways to save for disability-related expenses while not affecting income eligibility requirement for federal programs such as Supplemental Security Income and Medicaid. Under the new rules, account owners can contribute up to $16,000 per year, which is a $1,000 increase from last year. Iowans can also deduct more of their income for state taxes. Fitzgerald says, “For 2022, Iowa taxpayers who contribute to an IAble account, not just the account owner, can deduct up to $3,522 from their state income taxes. When you help someone with a disability save for their version of a better life experience, you also get an added bonus of saving on taxes.” Since its creation, IAble has grown to include over 1,400 accounts totaling more than $12.8 million in assets. Lot on to www.IAble.gov to learn more about creating an account or how to contribute.
