topic Where to enter able now contribution on federal return in Retirement tax questions

Where to enter able now contribution on federal return

Swedeit — Tue, 17 Mar 2020 14:30:37 GMT

Re: Where to enter able now contribution on federal return

dmertz — Tue, 17 Mar 2020 14:59:34 GMT

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.

Re: Where to enter able now contribution on federal return

SusanY1 — Tue, 17 Mar 2020 14:59:40 GMT

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?