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Retirement tax questions
You do not need to input the Form 5498-QA for your return as this is provided for your reference. It is used when you need to determine the end of year value of your investment basis in the event of a distribution.
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.
Here are some links you may find helpful regarding ABLE Accounts:
- TurboTax Article on Tax Benefits of ABLE accounts
If you have another question regarding ABLE accounts, please comment below so that I can assist you further.
‎June 1, 2019
1:39 PM