NewsPolitics & Government

Treasurer Fitzgerald Announces Increase to Annual Contribution Limit and 2022 State Income Tax Deduction for IAble

State Treasurer Michael L. Fitzgerald is starting the year by sharing several new updates to IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan. “One major update is the annual contribution limit has been raised,” announced Fitzgerald. “Now, account owners and their families can contribute up to $16,000 a year in their IAble account. That’s an additional $1,000!”*

IAble, a program administered by Fitzgerald, provides individuals with disabilities and their support systems a way to save for disability-related expenses while still maintaining their eligibility for federal means-tested programs such as Supplemental Security Income (SSI) and Medicaid. Prior to ABLE plans, resource limits were capped at $2,000 if persons with disabilities wanted to qualify for monthly benefits. Money contributed to an IAble account can be used to pay for assistive technology, support services, basic living expenses, medical bills and more.**

In addition to the increase for the annual contribution limit, there was also an increase to the state tax deduction. “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,” said Fitzgerald. “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 launch, the plan has accumulated 1,430 accounts totaling over $12.8 million in assets. “I am proud to administer a plan that helps persons with disabilities and their families save for necessary expenses that help to improve quality of life, health and independence,” added Fitzgerald. “Providing them with tax advantages is just another added perk of IAble.”

Visit IAble.gov for more information on the plan. Follow the Treasurer on Twitter and Facebook for updates and facts about IAble.

Show More
ADVERTISEMENT

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button