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Swedeit
New Member

Where to enter able now contribution on federal return

 
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2 Replies
dmertz
Level 15

Where to enter able now contribution on federal return

With regard to ABLE contributions, only excess ABLE contributions are reportable on a federal tax return.  Enter an excess ABLE contribution under Other Tax Situations -> Other Tax Forms -> Miscellaneous tax forms -> Additional taxes and repayments, or enter "able account" in the Search box and click Jump to able account.

SusanY1
Expert Alumni

Where to enter able now contribution on federal return

These contributions are not entered on the federal tax return, as they are not deductible here.  They are free from any tax on the growth, however, and they may be deductible on your state tax return depending on the state in which you file. 

 

You can learn a bit more about these accounts here: What are ABLE accounts?

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