Treasurer Smith Spreads the Word about IAble to Support Students with Disabilities

DES MOINES, Iowa - State Treasurer Roby Smith explains how IAble, Iowa's Achieving a Better Life Experience (ABLE) plan, can be another tool in the toolbox for students with disabilities. "From establishing an Individualized Education Program (IEP) to coordinating adaptations with school personnel, many caregivers with a child receiving special education services work year-round to make sure their child has the resources to excel," said Smith. "IAble makes it easy to save for those resources and beyond."

IAble accounts are disregarded from Medicaid, Supplemental Security Income (SSI) and other federal means-tested benefits, and the money saved can be used to pay for Qualified Disability Expenses. For students, this could include a tutor, text-to-speech software, noise-cancelling headphones, audiobooks, a personal listening device and more. "There are endless possibilities when it comes to using an IAble account to support your student," Smith said. "But don't forget about using it for students who might be transitioning to adulthood, too. IAble accounts help individuals with disabilities at all stages of life, and saving for long-term goals is also important."

Additionally, IAble accounts provide tax advantages to maximize the benefits of saving. There are no annual taxes on the account earnings to provide potential for additional investment growth, there are no federal or state taxes on money withdrawn to pay for Qualified Disability Expenses and any Iowa taxpayer can deduct up to $5,500 in contributions from their income taxes in 2024.

To learn about opening an account on behalf of an eligible student, visit the Who Can Open an Account? page at IAble.gov or call (888) 609-8910. Connect with the Treasurer on Facebook, Instagram and X, to stay informed on current events and updates. For additional details, read the IAble Plan Disclosure Booklet.

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