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:
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:
VA does allow this deduction but apparently TurboTax does not accommodate. Does anyone know how to work around this?
In the Virginia state taxes, look for the screen that says "Here's the income that Virginia handles differently" -under Investments, look for ABLEnow Account Contributions.