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Do I need to enter an ABLE acct. in fo I the IRA section?

I have anew able at Count and am not sure I need to enter that information?
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1 Reply
SharonD007
Employee Tax Expert

Do I need to enter an ABLE acct. in fo I the IRA section?

Did you make contributions to an ABLE account and get Form 5498-QA?  If so, that's an informational tax form and it's not reported on your tax return.

 

If you received Form 1099-QA because you had a distribution and used all of it to care for a disabled individual, none of the distribution is taxable and you don't have to report it. Just keep the 1099-QA with your records. If any of the distribution was used for anything other than the care of a disabled individual, that amount is taxable.

 

If you have to report any of the distributions, refer to the TurboTax article Where do I enter a 1099-Q? for navigation instructions.

 

For more information, refer to the TurboTax article What are ABLE Accounts? Tax Benefits Explained.

 

 

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