I have received form 5498-QA which shows contributions to ABLE account, no money was withdrawn, money was only deposited to ABLE account. Form says I receive copy - B and this information is furnished to IRS. Is there a place in form 1040 that needs to show this deposit?
If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return.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:
If you have another question regarding ABLE accounts, please comment below so that I can assist you further.
If no money was withdrawn from the ABLE account, you do not need to input the Form 5498-QA for your return.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:
If you have another question regarding ABLE accounts, please comment below so that I can assist you further.