INvestABLE Indiana - State Tax Credit

From IHCDA's Jake's Desk

Indiana’s INvestABLE program is designed to help individuals with disabilities save while preserving their SSI and Medicaid. To qualify for this unique program, one’s disability must have begun before your 26th birthday. The disability must be long term (lasting at least 12 months), and it must cause "marked and severe functional limitations." Additionally, you must meet one of the following criteria to open an ABLE account:

• You are eligible to receive SSI or SSDI
• You have a condition on the SSA’s List of Compassionate Allowances Conditions, OR
• You have a written diagnosis from a physician.

All Hoosiers can benefit from this program, and beginning in taxable year 2024, any Indiana taxpayer who contributes into an INvestABLE Indiana account will be eligible for a state tax credit of 20% of total contributions, worth up to $500.

Adults with disabilities may open and manage their own account. Minors and adults who need assistance can have an authorized individual open and manage the account for them. If the account owner does not have legal capacity, then only certain individuals can serve as the authorized individual. These individuals, in order of priority, include the account owner’s Power of Attorney, conservator or legal guardian, spouse, parent, sibling, grandparent, or representative payee.

Please visit the INvestABLE website for more information about this great investment assistance program.