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For "ABLE account earnings distributed," should I enter box 1's amount ("ABLE Contributions"), or box 4's ("Fair Market Value")? I just opened it last year.
I'm referring to Form 5498-QA ABLE Account Contribution Information. Box 2 ("ABLE to ABLE Rollovers") and box 3 ("Cumulative Contributions") are both empty.
I looked at pages 7-9 of Publication 907 - Tax Highlights for Persons With Disabilities, which I found on www.irs.gov. However, I'm still not sure what amount, if any, to put in the box for "ABLE account earnings distributed" within TurboTax. Even when combined, none of the amounts mentioned on my Form 5498-QA are equal to or greater than the contribution limit amounts.
I looked at pages 7-9 of Publication 907 - Tax Highlights for Persons With Disabilities, which I found on www.irs.gov. However, I'm still not sure what amount, if any, to put in the box for "ABLE account earnings distributed" within TurboTax. Even when combined, none of the amounts mentioned on my Form 5498-QA are equal to or greater than the contribution limit amounts.
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‎April 6, 2023
6:10 PM