IRS Form 5498-QA 2019 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 is revised annually. Download a fillable PDF of Form 5498-QA through the link below. The 2019 edition is used when filing 2020 taxes. The form must be filed for each qualified ABLE account established and maintained by any state or its agency or instrumentality.

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VOID
CORRECTED
2A2A
1 ABLE contributions
OMB No. 1545-2262
ISSUER'S name, street address, city or town, state or province, country, and
ZIP or foreign postal code
ABLE Account
2019
$
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
6 Basis of eligibility
BENEFICIARY'S name
5 Check if account opened
Service Center
in 2019
File with Form 1096.
7 Code
Street address (including apt. no.)
For Privacy Act and
Paperwork Reduction
Act Notice, see the
City or town, state or province, country, and ZIP or foreign postal code
2019 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
1 ABLE contributions
OMB No. 1545-2262
ISSUER'S name, street address, city or town, state or province, country, and
ZIP or foreign postal code
ABLE Account
2019
$
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
6 Basis of eligibility
BENEFICIARY'S name
5 Check if account opened
Service Center
in 2019
File with Form 1096.
7 Code
Street address (including apt. no.)
For Privacy Act and
Paperwork Reduction
Act Notice, see the
City or town, state or province, country, and ZIP or foreign postal code
2019 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
1 ABLE contributions
OMB No. 1545-2262
ISSUER'S name, street address, city or town, state or province, country, and
ZIP or foreign postal code
ABLE Account
2019
$
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
6 Basis of eligibility
BENEFICIARY'S name
5 If checked, account was
opened in 2019
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 2019.
The information on Form 5498-QA is furnished to you by the issuer of your
Generally, any amount rolled over from one ABLE account to another
Achieving a Better Life Experience (ABLE) savings account. Form 5498-QA
ABLE account for the benefit of the named beneficiary or of an eligible
reports contributions, rollovers, and program-to-program transfers to this
individual who is a member of the beneficiary's family who is described in
ABLE account for 2019. For more information, see Pub. 907.
section 152(d)(2)(B) is not taxable.
Beneficiary's taxpayer identification number (TIN). For your
Box 3. May show the cumulative amount contributed since the
protection, this form may show only the last four digits of your TIN
establishment of the ABLE account (or of an ABLE account of the
(social security number (SSN), individual taxpayer identification
same designated beneficiary that was rolled over, or directly
number (ITIN), or adoption taxpayer identification number (ATIN)).
transferred (in a program-to-program transfer), to the current ABLE
However, the issuer has reported your complete TIN to the IRS.
account).
Account number. May show an account or other unique number the
Box 4. Shows the FMV of the ABLE account as of the end of the year.
issuer assigned to distinguish your account.
Box 5. The ABLE account was opened in 2019 if the box is checked.
Box 1. Shows the amount of contributions made to this ABLE account
Box 6. These codes show the basis for your ABLE account eligibility.
in 2019. Include all cash contributions and Qualified Tuition Plan (QTP)
A—eligibility established under 529A(e)(1)(A), SSDI, Title II SSA.
to ABLE account rollovers, and QTP to ABLE program-to-program
B—eligibility established under 529A(e)(1)(A), SSI, Title XVI SSA.
transfers. Do not deduct these amounts on your income tax return.
C—eligibility established by disability certification under section
If the total contributions (including any contributions from a section
529A(e)(1)(B).
529 program/QTP), but not including contributions of the designated
Box 7. These codes show the type of disability for which you are
beneficiary's compensation income made under section 529A(b)(2)(B)
receiving ABLE account qualifying benefits. 1—developmental
(ii) made to your ABLE account for 2019 exceeded $15,000, or if the
contributions of an employed designated beneficiary's compensation
disorders (including autism); 2—intellectual disability; 3—psychiatric
income exceeded, the applicable amount under section 529A(b)(2)(B)
disorders; 4—nervous disorders (including blindness and deafness);
(ii), the excess contributions, plus the earnings on them, must be
5—congenital anomalies (including Down syndrome); 6—respiratory
returned by the date your tax return is due (including extensions), or
disorders; 7—other.
you may owe a penalty. Check with your ABLE program to verify that
Future developments. For the latest information about developments
excess contributions and earnings are returned timely. You must keep
related to Form 5498-QA and its instructions, such as legislation
track of your ABLE account basis (contributions and distributions).
enacted after they were published, go to www.irs.gov/Form5498QA.
VOID
CORRECTED
1 ABLE contributions
OMB No. 1545-2262
ISSUER'S name, street address, city or town, state or province, country, and
ZIP or foreign postal code
ABLE Account
2019
$
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
6 Basis of eligibility
BENEFICIARY'S name
5 Check if account opened
in 2019
For Privacy Act
and Paperwork
Reduction Act
7 Code
Street address (including apt. no.)
Notice, see the
2019 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 June 1, 2020.
To complete Form 5498-QA, use:
Need help? If you have questions about reporting on
• The 2019 General Instructions for Certain Information
Form 5498-QA, call the information reporting customer
Returns, and
service site toll free at 1-866-455-7438 or 304-263-8700
• The 2019 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 16, 2020.

Download IRS Form 5498-QA 2019 Able Account Contribution Information

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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:

  • Copy A, which is for filing with the IRS;
  • Copy B, which must be furnished to the beneficiary (participant) by March 16, 2020;
  • and 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.
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