Where do I input 5498-QA ABLE Account contribution info?

You do not need to input the Form 5498-QA for your return as this is provided for your reference.  It is used when you need to determine the end of year value of your investment basis in the event of 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:

• TurboTax Article on Tax Benefits of ABLE accounts

• https://www.irs.gov/newsroom/irs-reminds-those-with-disabilities-of-new-able-account-benefits

• IRS Publication 907

If you have another question regarding ABLE accounts, please comment below so that I can assist you further.

My Nebraska State Tax return asked if I "made an contribution to a Nebraska ENABLE Plan" in 2019. Yes, but the account is my son's (who is 18) account, but I'm on the account and opened it on his behalf. The Form 5498-QA was mailed to my son. Do I answer "yes" to the contribution question on my tax return? Or does my son have to file a return (which he has never done - never had an income) to report that contribution? My understanding is that it's a tax free account. It's not my account, it's my son's account, but we have contributed to the account in 2019. How do I answer the State tax question about contributions to an ENABLE account - "yes" or "no"? Does my son have to report anything?

Earnings in an ABLE account are not taxed by the federal or state government. Money withdrawn from the account to pay for Qualified Disability Expenses  is also not taxed.

While assets in the account belong to the account owner, anyone can contribute. You, friends, and family members can all contribute to your account up to an annual total contribution limit of $15,000 from all sources.

Learn more about contributions

Please see this helpful link:  Enable Savings Plan

Edited 03/15/2020

You would input the information found on Form 5498-QA, but not the form itself.

The Maryland college plan can be found under Education. To enter this in TurboTax Online, you can follow these steps:

• Start Maryland Return
• When you get to "Here's the income that Maryland handles differently", Go to Education, and Click start next to the education savings plans contributions
• Answer the question to enter your contributions

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