ABLE CONTRIBUTIONS INCREASED
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Iowans with ABLE savings accounts will be able to save more next year. The total annual contribution limit to an ABLE account will be increased from $14,000 per tax year to $15,000 per tax year beginning in 2018. That means Iowans with ABLE accounts can save an extra $1,000 a year without losing other benefits.
The Stephen Beck Jr. Achieving a Better Life Experience (“ABLE”) Act tied annual contribution limits to the federal tax code, which is changed periodically for inflation. For more information about ABLE accounts, please visit the ABLE National Resource Center at www.ablenrc.org or Iowa's ABLE website at www.iable.gov.