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Individual Development Account (IDA) - State Differences

The Temporary Assistance for Needy Families (TANF) statute specifically authorizes States to fund Individual Development Accounts (IDAs) established by TANF-eligible individuals. IDAs are restricted savings accounts that allow individuals to accumulate savings that can be used for postsecondary educational expenses, first home purchase, or business capitalization. The IDA program in the TANF statute allows individuals to contribute to an IDA amounts that are derived only from earned income (while other IDAs might allow contributions to come from any source of income). Funds in a TANF IDA (including earned interest) are disregarded in determining eligibility and benefits in any Federal program that uses financial considerations in the determinations.

Because of the funding flexibility under TANF, States can also use Federal TANF or State MOE funds to fund IDAs established under another authority. Data in the table below are not limited to IDAs authorized under the specific provision in the TANF statute. Due to the large size of the table, you may need to use your scroll bars to see all of it.

NOTE: Click here to see the IDA State Differences table. Use the "Back" button to return here.

Additional Information

Up to date information on IDA programs, policies, and coalition-building activities in your State is available on the IDAnetwork State Pages. Each State page includes lists of IDA programs, IDAnetwork contacts, and financial institutions; links to state policy summaries; and a bulletin board with news and information about upcoming events. To select your State page from the website, go to:
http://www.cfed.org/programs/idas/

Source

Information for this topic was drawn from the Temporary Assistance For Needy Families Program (TANF) Sixth Annual Report to Congress [November 2004], produced by the U.S. Department Of Health And Human Services, Administration for Children and Families, Office of Family Assistance. This report is available in a variety of formats at:
http://www.acf.hhs.gov/programs/ofa/annualreport6/ar6index.htm

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Individual Development Account (IDA) - State Differences

Additional Information

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