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Level 3
posted Apr 7, 2024 12:57:39 PM

Forms 5498-qa & 1099-qa-where to enter?

Where do I enter these 5498-qa & 1099-qa (preferably in step by step, but if not, in forms?  Did not see in step by step & they don't come up under Search in the upper right, or on the Forms search on the left.  The money spent (1098-qa) was all used for qualified disability expenses, but it does give basis & earnings so maybe it's important to enter? The $ contributed (5498-qa), . . . does that give the disabled person some kind of deduction or credit? 

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1 Replies
Expert Alumni
Apr 7, 2024 2:06:48 PM

Since you used all of the distribution to care for a disabled individual, none of the distribution is taxable and you don't have to report it; just keep the Form 1099-QA with your records. You only need to report the Form 1099-QA if any of the distribution was used for anything other than the care of a disabled individual (that amount is taxable).

 

Form 5498-QA isn't reported on your tax return.  The contribution that was made to an Able account for a disabled person, doesn't give them a deduction or credit on their tax return.   

 

For more information, refer to the TurboTax article What are ABLE Accounts? Tax Benefits Explained.