Solved: I have an ABLE Account and a form 5498-QA. Where s...
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dtorreano
Level 1

I have an ABLE Account and a form 5498-QA. Where should I enter it if money was withdrawn? Where should I enter it if money was not withdrawn?

 
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DanaB27
Employee Tax Expert

I have an ABLE Account and a form 5498-QA. Where should I enter it if money was withdrawn? Where should I enter it if money was not withdrawn?

If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return. 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. 

 

If you withdraw money from an ABLE account then you will receive Form 1099-QA. Please follow these steps to enter Form 1099-QA if you withdrew money for other than the support of a disabled individual:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-QA”
  3. Click on “Jump to 1099-QA”
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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2 Replies
DanaB27
Employee Tax Expert

I have an ABLE Account and a form 5498-QA. Where should I enter it if money was withdrawn? Where should I enter it if money was not withdrawn?

If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return. 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. 

 

If you withdraw money from an ABLE account then you will receive Form 1099-QA. Please follow these steps to enter Form 1099-QA if you withdrew money for other than the support of a disabled individual:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-QA”
  3. Click on “Jump to 1099-QA”
**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

Curious One
Level 3

I have an ABLE Account and a form 5498-QA. Where should I enter it if money was withdrawn? Where should I enter it if money was not withdrawn?

As a variation on theme, I'm looking to do an indirect rollover from a 529 to an ABLE account.  I am the owner of the 529 while my child is the beneficiary.  Under ABLE, I understand that the owner and the beneficiary must be the same person.  It it therefore necessary for the withdrawal from the 529 be made in my child's name?  If not, and considering that the rollover itself will be a non-taxable event, are there any tax implications or other good reasons to doing it in either my name or my child's name?

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