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Level 1
June 6, 2019
Solved

Where can I enter a contribution to an ABLE account on the VA return?.

  • June 6, 2019
  • 1 reply
  • 13 views
This is not listed with the 529 accounts.
Best answer by
Contributions to an ABLE account are not tax-deductible, but all investment earnings remain untaxed as long as money taken from the account is used for "qualified disability expenses."  Consequently, there's no place on the federal or Virginia return to enter contributions.

Such expenses include, among other things:
  • Medical treatment
  • Education, tutoring and job training
  • Special-needs transportation
  • Assistive technology
  • Housing
  • Legal and administrative fees
Please feel free to post any additional details or questions in the comment section.

1 reply

Answer
June 6, 2019
Contributions to an ABLE account are not tax-deductible, but all investment earnings remain untaxed as long as money taken from the account is used for "qualified disability expenses."  Consequently, there's no place on the federal or Virginia return to enter contributions.

Such expenses include, among other things:
  • Medical treatment
  • Education, tutoring and job training
  • Special-needs transportation
  • Assistive technology
  • Housing
  • Legal and administrative fees
Please feel free to post any additional details or questions in the comment section.

Level 2
February 1, 2020

VA does allow this deduction but apparently TurboTax does not accommodate.  Does anyone know how to work around this?