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I have an ABLE Account and a form 5498-QA. Where should I enter it if money was withdrawn? Where should I enter it if money was not withdrawn?

Forum|Forum|6 years ago
April 4, 2020
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Best answer by DanaB27

If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return. Contributions to ABLE accounts are not deductible on your Federal Tax return; however, they may be deductible on your State return depending on where you live.

If you withdraw money from an ABLE account then you will receive Form 1099-QA. Please follow these steps to enter Form 1099-QA if you withdrew money for other than the support of a disabled individual:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-QA”
Click on “Jump to 1099-QA”

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DanaB27Answer

If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return. Contributions to ABLE accounts are not deductible on your Federal Tax return; however, they may be deductible on your State return depending on where you live.

If you withdraw money from an ABLE account then you will receive Form 1099-QA. Please follow these steps to enter Form 1099-QA if you withdrew money for other than the support of a disabled individual:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-QA”
Click on “Jump to 1099-QA”

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Curious One

As a variation on theme, I'm looking to do an indirect rollover from a 529 to an ABLE account. I am the owner of the 529 while my child is the beneficiary. Under ABLE, I understand that the owner and the beneficiary must be the same person. It it therefore necessary for the withdrawal from the 529 be made in my child's name? If not, and considering that the rollover itself will be a non-taxable event, are there any tax implications or other good reasons to doing it in either my name or my child's name?