Rev. January 2023
[Form 1099-QA (Rev. January 2023)] This document outlines instructions for filing and reporting distributions from an Achieving a Better Life Experience (ABLE) account to the Internal Revenue Service (IRS). The form includes information about the payer, recipient, gross distribution, earnings, basis, program-to-program transfers, and termination of the ABLE account. Recipients and payers are required to report taxable amounts as ‘Other income’ on Form 1040 or 1040-SR, while qualified disability expenses or rollovers within 60 days are excluded from income. The form provides instructions for ordering and filing the form, as well as contact information for technical assistance.
Any state, or its agency, or instrumentalities that establish and maintain a qualified ABLE program must file a Form 5498-QA for each ABLE account.
Form 5498-QA, ABLE Account Contribution Information, is used by states or their agencies or instrumentalities that establish and maintain a qualified ABLE program to report certain information about contributions made to each ABLE account to the Internal Revenue Service (IRS) and to the designated beneficiary.
The filing may be done by either an officer or employee of the state, or its agency, or instrumentality having control of the qualified ABLE program, or the officer’s or employee’s designee on or before June 2, 2025.
A statement must be furnished to each designated beneficiary by March 17, 2025. Furnish a copy of Form 5498-QA or an acceptable substitute statement.
Form 5498-QA reports the total amount of contributions made to the ABLE account in 2024, including all cash contributions, rollovers from a section 529 QTP to an ABLE account, and program-to-program transfers. It also reports the fair market value of the account as of December 31, 2024.
Form 1099-QA reports income paid out of an ABLE account to a designated beneficiary in a calendar year, while Form 5498-QA reports contributions made to an ABLE account and the fair market value as of the end of the calendar year.
Form 1099-QA is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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