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Federal ABLE Account Contribution Information
Extracted from PDF file 2023-federal-form-5498-qa.pdf, last modified December 2022ABLE 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 2023 $ 2 ABLE to ABLE Rollovers $ Form 5498-QA 3 Cumulative contributions 4 Fair market value $ $ BENEFICIARY’S name 5 Check if account opened in 2023 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 2023 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 2023 $ 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 2023 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 2023. 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 2023. 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 2023 exceeded $17,000, 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 2023. 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 2023 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. 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. 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 2023 $ 2 ABLE to ABLE Rollovers $ ISSUER’S TIN BENEFICIARY’S TIN BENEFICIARY’S name Street address (including apt. no.) 4 Fair market value $ $ 5 Check if account opened in 2023 6 Basis of eligibility City or town, state or province, country, and ZIP or foreign postal code Account number (see instructions) Form 5498-QA Form 5498-QA 3 Cumulative contributions 7 Code www.irs.gov/Form5498QA ABLE Account Contribution Information Copy C For Issuer For Privacy Act and Paperwork Reduction Act Notice, see the 2023 General Instructions for Certain Information Returns. Department of the Treasury - Internal Revenue Service Instructions for Issuer To complete Form 5498-QA, use: • The 2023 General Instructions for Certain Information Returns, and • The 2023 Instructions for Form 5498-QA. To get or to order these instructions, go to www.irs.gov/EmployerForms. Filing and furnishing. For filing and furnishing instructions, including due dates, and requesting filing or furnishing extensions, see the 2023 General Instructions for Certain Information Returns. Need help? If you have questions about reporting on Form 5498-QA, call the Technical Services Operation (TSO) toll free at 866-455-7438 or 304-263-8700 (not toll free). Deaf or hard of hearing customers may call any of our toll-free numbers using their choice of relay service.
2023 Form 5498-QA
More about the Federal Form 5498-QA Corporate Income Tax TY 2023
We last updated the ABLE Account Contribution Information in January 2024, so this is the latest version of Form 5498-QA, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 5498-QA directly from TaxFormFinder. You can print other Federal tax forms here.
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Form Sources:
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 5498-QA from the Internal Revenue Service in January 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Federal Form 5498-QA
We have a total of eight past-year versions of Form 5498-QA in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 5498-QA
2023 Form 5498-QA
2022 Form 5498-QA
2022 Form 5498-QA
2021 Form 5498-QA
2021 Form 5498-QA
2020 Form 5498-QA
2020 Form 5498-QA
2019 Form 5498-QA
2019 Form 5498-QA
2017 Form 5498-QA
2017 Form 5498-QA
2016 Form 5498-QA
2017 Form 5498-QA
2015 Form 5498-QA
2016 Form 5498-QA
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