Form 5498-QA ABLE Account Contribution Information

2A2A

VOID

CORRECTED

ISSUER’S name, street address, city or town, state or province, country,
and ZIP or foreign postal code

1 ABLE contributions

OMB No. 1545-2262

2024

$
2 ABLE to ABLE Rollovers

$

Form 5498-QA

3 Cumulative contributions

4 Fair market value

$

$

BENEFICIARY’S name

5 Check if account opened
in 2024

6 Basis of eligibility

Street address (including apt. no.)

7 Code

ISSUER’S TIN

BENEFICIARY’S TIN

ABLE Account
Contribution
Information
Copy A
For
Internal Revenue
Service Center
File with Form 1096.

City or town, state or province, country, and ZIP or foreign postal code
Account number (see instructions)
Form 5498-QA

Cat. No. 67556T

www.irs.gov/Form5498QA

For Privacy Act and
Paperwork Reduction
Act Notice, see the
2024 General
Instructions for
Certain Information
Returns.
Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page

CORRECTED
ISSUER’S name, street address, city or town, state or province, country,
and ZIP or foreign postal code

1 ABLE contributions

OMB No. 1545-2262

2024

$
2 ABLE to ABLE Rollovers

$
ISSUER’S TIN

BENEFICIARY’S TIN

BENEFICIARY’S name

Street address (including apt. no.)

Form 5498-QA

3 Cumulative contributions

4 Fair market value

$

$

5 If checked, account was
opened in 2024

6 Basis of eligibility

7 Code

ABLE Account
Contribution
Information
Copy B
For Beneficiary
This information
is being furnished
to the IRS.

City or town, state or province, country, and ZIP or foreign postal code
Account number (see instructions)
Form 5498-QA

(keep for your records)

www.irs.gov/Form5498QA

Department of the Treasury - Internal Revenue Service

Instructions for Beneficiary
The information on Form 5498-QA is furnished to you by the issuer of your
Achieving a Better Life Experience (ABLE) savings account. Form 5498-QA
reports contributions, rollovers, and program-to-program transfers to this
ABLE account for 2024. For more information, see Pub. 907.
Beneficiary’s taxpayer identification number (TIN). For your protection,
this form may show only the last four digits of your TIN (social security
number (SSN), individual taxpayer identification number (ITIN), or adoption
taxpayer identification number (ATIN)). However, the issuer has reported
your complete TIN to the IRS.
Account number. May show an account or other unique number the
issuer assigned to distinguish your account.
Box 1. Shows the amount of contributions made to this ABLE account in
2024. This amount Includes all cash contributions and section 529
Qualified Tuition Program (QTP) to ABLE account rollovers, and QTP to
ABLE program-to-program transfers. Do not deduct these amounts on
your income tax return.
If the total contributions (including any contributions from a section 529
program/QTP), but not including contributions of the designated
beneficiary’s compensation income made under section 529A(b)(2)(B)(ii)
made to your ABLE account for 2024 exceeded $18,000, or if the
contributions of an employed designated beneficiary’s compensation
income exceeded the applicable amount under section 529A(b)(2)(B)(ii), the
excess contributions, plus the earnings on them, must be returned by the
date your tax return is due (including extensions), or you may owe a
penalty. Check with your ABLE program to verify that excess contributions
and earnings are returned timely. You must keep track of your ABLE
account basis (contributions and distributions).

Box 2. Shows the amount of any rollover or program-to-program transfer
made to this ABLE account from another ABLE account in 2024. Generally,
any amount rolled over from one ABLE account to another ABLE account
for the benefit of the named beneficiary or of an eligible individual who is a
member of the beneficiary’s family who is described in section 152(d)(2)(B)
is not taxable.
Box 3. May show the cumulative amount contributed since the
establishment of the ABLE account (or of an ABLE account of the same
designated beneficiary that was rolled over, or directly transferred (in a
program-to-program transfer), to the current ABLE account).
Box 4. Shows the FMV of the ABLE account as of the end of the year.
Box 5. The ABLE account was opened in 2024 if the box is checked.
Box 6. These codes show the basis for your ABLE account eligibility.
A—eligibility established under section 529A(e)(1)(A), SSDI, Title II SSA.
B—eligibility established under section 529A(e)(1)(A), SSI, Title XVI SSA.
C—eligibility established by disability certification under section
529A(e)(1)(B).
Box 7. These codes show the type of disability for which you are receiving
ABLE account qualifying benefits. 1—developmental disorders (including
autism); 2—intellectual disability; 3—psychiatric disorders; 4—nervous
disorders (including blindness and deafness); 5—congenital anomalies
(including Down syndrome); 6—respiratory disorders; 7—other.
Future developments. For the latest information about developments
related to Form 5498-QA and its instructions, such as legislation enacted
after they were published, go to www.irs.gov/Form5498QA.
Free File Program. Go to www.irs.gov/FreeFile to see if you qualify for nocost online federal tax preparation, e-filing, and direct deposit or payment
options.