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 2019. 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 2019. Include all cash contributions and Qualified Tuition Plan (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 2019 exceeded $15,000, 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 2019.
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 2019 if the box is checked.
Box 6. These codes show the basis for your ABLE account eligibility.
A—eligibility established under 529A(e)(1)(A), SSDI, Title II SSA.
B—eligibility established under 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.
