IRS Form 5498-QA Able Account Contribution Information

Notification Icon This version of the form is not currently in use and is provided for reference only. Download this version of IRS Form 5498-QA for the current year.

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 2019. 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:

Download IRS Form 5498-QA Able Account Contribution Information

4.5 of 5 (32 votes)
  • IRS Form 5498-QA Able Account Contribution Information

    1

  • IRS Form 5498-QA Able Account Contribution Information, Page 2

    2

  • IRS Form 5498-QA Able Account Contribution Information, Page 3

    3

  • IRS Form 5498-QA Able Account Contribution Information, Page 4

    4

  • IRS Form 5498-QA Able Account Contribution Information, Page 5

    5

  • IRS Form 5498-QA Able Account Contribution Information, Page 1
  • IRS Form 5498-QA Able Account Contribution Information, Page 2
  • IRS Form 5498-QA Able Account Contribution Information, Page 3
  • IRS Form 5498-QA Able Account Contribution Information, Page 4
  • IRS Form 5498-QA Able Account Contribution Information, Page 5
Prev 1 2 3 4 5 Next
ADVERTISEMENT