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February 11, 2024
Question

1099-QA

  • February 11, 2024
  • 1 reply
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Is TurboTax going to add 1099-QA form?  If yes, when will that be?  I can not find 1099-QA fomr in 2023 TurboTax Deluxe version.   

 

If 1099-QA form is not available in near future, can I skip reporting 1099-QA all together, since all the distribution was used for the Qualified Expenses.  

    1 reply

    February 11, 2024

    No, there isn't a specific topic for Form 1099-QA, but Able account contributions and distributions are included in the Retirement Savings Contribution Credit section. 

     

    This is how to enter that  TurboTax Online:

     

    1. Open your return and select Federal, then Deductions & Credits in the menu on the left side. 
    2. Scroll down to Retirement Savings Contribution Credit in the list, click Start or Edit to the right.
    3. Select Continue.
    4. Answer the question about being a student and click Continue. Note that full-time students aren't eligible for this credit. 
    5. On the screen, Let us know if you made any additional contributions to qualified retirement accounts, enter the full amount of ABLE account contributions in the second box.
    6. Select Continue.
    7. On the screen, Did you receive any distributions from a retirement plan after 2020? answer Yes and click Continue.
    8. On the screen, Tell us about your distributions from retirement plans, enter the full amount of distributions (amount spent) in the bottom box.
    9. Select Continue.

    The next screen will show your results, including the amount of the credit and an explanation. 

     

    You may see additional questions about your ABLE account in your state tax return. 

     

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