You'll need to sign in or create an account to connect with an expert.
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:
If you have another question regarding ABLE accounts, please comment below so that I can assist you further.
I'm looking to do an indirect rollover from a 529 to an ABLE account. I am the owner of the 529 while my child is the beneficiary. Under ABLE, I understand that the owner and the beneficiary must be the same person. It it therefore necessary for the withdrawal from the 529 be made in my child's name? If not, and considering that the rollover itself will be a non-taxable event, are there any tax implications or other good reasons to doing it in either my name or my child's name?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
link888888
Level 1
morganigeis3
New Member
haywoodjul
New Member
diskos
New Member
mcna329491
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.