Form 5498-QA, ABLE Account Contribution Information
Form 5498-QA reports annual contributions to ABLE accounts, the tax-advantaged savings accounts for people with disabilities. Program administrators can fill in the official PDF online and download the copies they need.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 5498-QA?
Form 5498-QA, ABLE Account Contribution Information, is filed by any state, or its agency or instrumentality, that establishes and maintains a qualified ABLE program. One form is filed for each ABLE account, reporting the contributions made during the year, any rollovers or program-to-program transfers, and the fair market value of the account.
ABLE accounts let eligible individuals with disabilities save without jeopardizing certain benefits. The designated beneficiary receives a copy of Form 5498-QA for their records; it is informational and is not attached to a tax return. Distributions from ABLE accounts are reported separately on Form 1099-QA.
Who files 5498-QA?
- States and state agencies that administer qualified ABLE programs
- Program administrators reporting contributions and rollovers for each ABLE account they maintain
- Issuers reporting the fair market value of each account as of year end
- Officers or employees who have control of the ABLE program and are responsible for its filings
How to fill out 5498-QA
- Enter the issuer’s name, address, and TIN, plus the designated beneficiary’s identifying information.
- Report the year’s contributions in box 1 and any rollover or program-to-program transfer amounts in box 2.
- Complete the remaining boxes, including the basis of eligibility checkbox and the fair market value of the account.
- Download the completed PDF and furnish the beneficiary their copy by the deadline in the current instructions.
- File Copy A with the IRS electronically, or on official scannable paper stock if you are eligible to file on paper.
Quick fill 5498-QA on this page
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Frequently asked questions
Does the account beneficiary need to do anything with Form 5498-QA?
No filing is required. The beneficiary keeps the copy for their records as confirmation of what the ABLE program reported to the IRS about their contributions and account value.
How is Form 5498-QA different from Form 1099-QA?
Form 5498-QA reports money going into an ABLE account, contributions and rollovers, while Form 1099-QA reports distributions coming out. The same program administrator generally files both.