Form 5498-QA Instructions & Tax Reporting Pointers
The 5498-QA is used to report total amount of contributions, rollovers, and program-to-program transfers for a qualified ABLE account during the calendar year. The form may also show Cumulative Contributions, FMV of the account, and if the ABLE account was opened during the year. Other information generally reported includes Basis of Eligibility and Type of Disability Codes for the beneficiary of the account.
Applicable entities: Any state, or its agency, or instrumentality that establishes and maintains a qualified ABLE program must file Form 5498-QA, for each ABLE account
When to file: On or before May 31
How to file: Electronically file to IRS
NOTE: When the due date falls on a weekend or legal holiday, the form due date is moved to the next business day.
Who: Any state, or its agency, or instrumentality that establishes and maintains a qualified ABLE program.
When: 5498-QA forms must be received by the IRS on or before May 31 each year. Recipient copies must be furnished by March 15.
Where: To the IRS
Why: File Form 5498-QA to report among other things, total amount of contributions, rollovers and program-to-program transfers for the calendar year. Also use Form 5498-QA to report the Basis of Eligibility and Type of Disability Code for which the designated beneficiary is receiving ABLE qualifying benefits.
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