turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
KrisD15
Expert Alumni

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.

Form 5498-QA is an informational form which is not reported on your tax return. 

The IRS gets a copy which reports to them what you contributed to your account. You also get a copy which is "For Your Information" only. 

 

Once you start making distributions, you will get a 1099-QA showing what you took out. At that time, you may need to report the 1099 for the distribution. 

 

Don't enter the 5498-QA anywhere, keep it with your tax file. 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
KrisD15
Expert Alumni

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.

Form 5498-QA is an informational form which is not reported on your tax return. 

The IRS gets a copy which reports to them what you contributed to your account. You also get a copy which is "For Your Information" only. 

 

Once you start making distributions, you will get a 1099-QA showing what you took out. At that time, you may need to report the 1099 for the distribution. 

 

Don't enter the 5498-QA anywhere, keep it with your tax file. 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies