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Retirement tax questions
If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return. This form is used when you need to determine the end of year value of your investment basis when you have 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 3, 2019
11:02 AM
5,271 Views