IRS Form 5498-QA "Able Account Contribution Information"

What Is Form 5498-QA?

IRS Form 5498-QA, ABLE Account Contribution Information is a form filed with the Internal Revenue Service (IRS) by issuers of an Achieving a Better Life Experience (ABLE) savings account. The purpose of this form is reporting the contributions (including rollover contributions and program-to-program transfers) made to an ABLE account, as well as its fair market value (FMV), for the calendar year.

This form is issued by the IRS and was revised in 2020. Download a fillable PDF of Form 5498-QA through the link below. The form must be filed for each qualified ABLE account established and maintained by any state or its agency or instrumentality.

ADVERTISEMENT

IRS Form 5498-QA Instructions

If you are filing on paper, you may send a black-and-white Copy A along with Form 1096, Annual Summary and Transmittal of U.S. Information Returns, that you may also print. Form 5498-QA cannot be filed electronically through the Filing Information Returns Electronically System (FIRE System).

The state, its agency or instrumentality must file Copy A of 5498-QA with the IRS by June 1, 2020, for each ABLE account. The form may be filed either by an officer or an employee of the state or its agency or instrumentality that controls the qualified ABLE program, as well as any designee they may appoint.

The form is comprised of three copies:

  1. Copy A, which is for filing with the IRS.
  2. Copy B, which must be furnished to the beneficiary (participant) by March 16, 2020.
  3. Copy C, which must be kept in the issuer's records.

The penalty for failure to meet the 5498-QA deadline is $50 per return with no maximum, except if the failure is due to a reasonable cause. If the due date falls on a weekend day or a legal holiday, the form may be filed on the next business day. It is possible to get an automatic 30-day extension of time to file by completing Form 8809 by the due date of the returns, and this request may be filed on paper only.


IRS 5498-QA Related Forms:

The form is part of a four-piece series of forms, which includes the following related documents:

  • IRS Form 5498, IRA Contribution Information, is a form that trustees or issuers of individual retirement arrangements (IRAs) must file with the Internal Revenue Service (IRS) for each person for whom they maintained an IRA.
  • IRS Form 5498-ESA, Coverdell ESA Contribution Information, which is a form that trustees or issuers of a Coverdell education savings account (ESA) file with the IRS for each person for whom they maintained any ESA, in order to report amounts of contributions (including rollover contributions) to a Coverdell ESA.
  • IRS Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, which is a form that must be filed with the IRS by a trustee or custodian of a Health Savings Account (HSA), Medicare Advantage MSA (MA MSA), or Archer Medical Savings Account (Archer MSA) for each person for whom they maintained one of these savings accounts.
ADVERTISEMENT

Download IRS Form 5498-QA "Able Account Contribution Information"

Download PDF

Fill PDF online

Rate (4.6 / 5) 93 votes
Page background image
VOID
CORRECTED
2A2A
ISSUER’S name, street address, city or town, state or province, country,
1 ABLE contributions
OMB No. 1545-2262
and ZIP or foreign postal code
ABLE Account
2020
$
Contribution
2 ABLE to ABLE Rollovers
Information
5498-QA
$
Form
Copy A
ISSUER’S TIN
BENEFICIARY’S TIN
3 Cumulative contributions
4 Fair market value
$
$
For
Internal Revenue
BENEFICIARY’S name
5 Check if account opened
6 Basis of eligibility
Service Center
in 2020
File with Form 1096.
Street address (including apt. no.)
7 Code
For Privacy Act and
Paperwork Reduction
Act Notice, see the
City or town, state or province, country, and ZIP or foreign postal code
2020 General
Instructions for
Certain Information
Account number (see instructions)
Returns.
5498-QA
Form
Cat. No. 67556T
www.irs.gov/Form5498QA
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
VOID
CORRECTED
2A2A
ISSUER’S name, street address, city or town, state or province, country,
1 ABLE contributions
OMB No. 1545-2262
and ZIP or foreign postal code
ABLE Account
2020
$
Contribution
2 ABLE to ABLE Rollovers
Information
5498-QA
$
Form
Copy A
ISSUER’S TIN
BENEFICIARY’S TIN
3 Cumulative contributions
4 Fair market value
$
$
For
Internal Revenue
BENEFICIARY’S name
5 Check if account opened
6 Basis of eligibility
Service Center
in 2020
File with Form 1096.
Street address (including apt. no.)
7 Code
For Privacy Act and
Paperwork Reduction
Act Notice, see the
City or town, state or province, country, and ZIP or foreign postal code
2020 General
Instructions for
Certain Information
Account number (see instructions)
Returns.
5498-QA
Form
Cat. No. 67556T
www.irs.gov/Form5498QA
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,
1 ABLE contributions
OMB No. 1545-2262
and ZIP or foreign postal code
ABLE Account
2020
$
Contribution
2 ABLE to ABLE Rollovers
Information
5498-QA
$
Form
Copy B
ISSUER’S TIN
BENEFICIARY’S TIN
3 Cumulative contributions
4 Fair market value
$
$
For Beneficiary
BENEFICIARY’S name
5 If checked, account was
6 Basis of eligibility
opened in 2020
This information
is being furnished
to the IRS.
Street address (including apt. no.)
7 Code
City or town, state or province, country, and ZIP or foreign postal code
Account number (see instructions)
5498-QA
(keep for your records)
Form
www.irs.gov/Form5498QA
Department of the Treasury - Internal Revenue Service
Instructions for Beneficiary
Box 2. Shows the amount of any rollover or program-to-program
transfer made to this ABLE account from another ABLE account in
2020. Generally, any amount rolled over from one ABLE account to
The information on Form 5498-QA is furnished to you by the issuer of
another ABLE account for the benefit of the named beneficiary or of
your Achieving a Better Life Experience (ABLE) savings account. Form
an eligible individual who is a member of the beneficiary’s family who
5498-QA reports contributions, rollovers, and program-to-program
is described in section 152(d)(2)(B) is not taxable.
transfers to this ABLE account for 2020. For more information, see
Pub. 907.
Box 3. May show the cumulative amount contributed since the
establishment of the ABLE account (or of an ABLE account of the
Beneficiary’s taxpayer identification number (TIN). For your
same designated beneficiary that was rolled over, or directly
protection, this form may show only the last four digits of your TIN
transferred (in a program-to-program transfer), to the current ABLE
(social security number (SSN), individual taxpayer identification
account).
number (ITIN), or adoption taxpayer identification number (ATIN)).
However, the issuer has reported your complete TIN to the IRS.
Box 4. Shows the FMV of the ABLE account as of the end of the year.
Account number. May show an account or other unique number the
Box 5. The ABLE account was opened in 2020 if the box is checked.
issuer assigned to distinguish your account.
Box 6. These codes show the basis for your ABLE account eligibility.
Box 1. Shows the amount of contributions made to this ABLE account
A—eligibility established under 529A(e)(1)(A), SSDI, Title II SSA.
in 2020. Include all cash contributions and Qualified Tuition Plan (QTP)
B—eligibility established under 529A(e)(1)(A), SSI, Title XVI SSA.
to ABLE account rollovers, and QTP to ABLE program-to-program
C—eligibility established by disability certification under section
transfers. Do not deduct these amounts on your income tax return.
529A(e)(1)(B).
If the total contributions (including any contributions from a section
Box 7. These codes show the type of disability for which you are
529 program/QTP), but not including contributions of the designated
receiving ABLE account qualifying benefits. 1—developmental
beneficiary’s compensation income made under section 529A(b)(2)(B)
disorders (including autism); 2—intellectual disability; 3—psychiatric
(ii) made to your ABLE account for 2020 exceeded $15,000, or if the
disorders; 4—nervous disorders (including blindness and deafness);
contributions of an employed designated beneficiary’s compensation
5—congenital anomalies (including Down syndrome); 6—respiratory
income exceeded, the applicable amount under section 529A(b)(2)(B)
disorders; 7—other.
(ii), the excess contributions, plus the earnings on them, must be
Future developments. For the latest information about developments
returned by the date your tax return is due (including extensions), or
related to Form 5498-QA and its instructions, such as legislation
you may owe a penalty. Check with your ABLE program to verify that
enacted after they were published, go to www.irs.gov/Form5498QA.
excess contributions and earnings are returned timely. You must keep
track of your ABLE account basis (contributions and distributions).
VOID
CORRECTED
ISSUER’S name, street address, city or town, state or province, country,
1 ABLE contributions
OMB No. 1545-2262
and ZIP or foreign postal code
ABLE Account
2020
$
Contribution
2 ABLE to ABLE Rollovers
Information
5498-QA
$
Form
Copy C
ISSUER’S TIN
BENEFICIARY’S TIN
3 Cumulative contributions
4 Fair market value
$
$
For Issuer
BENEFICIARY’S name
5 Check if account opened
6 Basis of eligibility
in 2020
For Privacy Act
and Paperwork
Reduction Act
Street address (including apt. no.)
7 Code
Notice, see the
2020 General
City or town, state or province, country, and ZIP or foreign postal code
Instructions for
Certain
Information
Account number (see instructions)
Returns.
5498-QA
Form
www.irs.gov/Form5498QA
Department of the Treasury - Internal Revenue Service
Instructions for Issuer
File Copy A of this form with the IRS by May 31, 2021.
To complete Form 5498-QA, use:
Need help? If you have questions about reporting on
• The 2020 General Instructions for Certain Information
Form 5498-QA, call the information reporting customer
Returns, and
service site toll free at 866-455-7438 or 304-263-8700
• The 2020 Instructions for Form 5498-QA.
(not toll free). Persons with a hearing or speech
To get or to order these instructions, go to
disability with access to TTY/TDD equipment can call
www.irs.gov/Form5498QA.
304-579-4827 (not toll free).
Due dates. Furnish Copy B of this form to the
beneficiary (participant) by March 15, 2021.
Page of 5