Instructions For Forms 1099-Qa And 5498-Qa - 2015
ADVERTISEMENT
1
2
32015
Department of the Treasury
Internal Revenue Service
Instructions for
Forms 1099-QA and 5498-QA
Distributions from ABLE Accounts and ABLE Account Contribution Information
Section references are to the Internal Revenue Code
Which allows for the establishment of an ABLE account
unless otherwise noted.
only for a designated beneficiary who is a resident of the
state or of a contracting state; and
Future Developments
That meets the other requirements of section 529A.
For the latest information about developments related to
Cash contributions. A program is not treated as a
Forms 1099-QA and 5498-QA and their instructions, such
qualified ABLE program unless it provides that no
as legislation enacted after they were published, go to
contribution will be accepted:
or
unless it is in cash; or
What's New
except in the case of a rollover or program-to-program
transfer, if such contribution would result in contributions
New Forms 1099-QA and 5498-QA and Instructions
from all contributors to the ABLE account for the tax year
for Forms 1099-QA and 5498-QA. P.L. 113-295, the
exceeding $14,000 for the calendar year in which the tax
Stephen Beck Jr., Achieving a Better Life Experience
year begins (an “excess contribution”).
(ABLE) Act of 2014, allows individuals and families to
Separate accounting. A qualified ABLE program must
save for the purpose of supporting individuals with
provide separate accounting for each designated
disabilities to maintain health, independence, and quality
beneficiary.
of life by establishing an ABLE savings account. Form
1099-QA, Distributions from ABLE Accounts. and Form
Limited investment. A qualified ABLE program provides
5498-QA, ABLE Account Contribution Information, and
a designated beneficiary may directly or indirectly direct
these separate instructions will provide issuers the
the investment of any contributions to the program (or any
necessary information for completing, furnishing, and
earnings on it) no more than 2 times in any calendar year.
filing the forms for the ABLE account.
Pledging of interest as security. A program is not
Reminder
treated as a qualified ABLE program if it allows any
interest in the program or any portion of it to be used as
In addition, you should also use the 2015 General
security for a loan.
Instructions for Certain Information Returns. Those
general instructions include information about the
Excess aggregate contributions. A qualified ABLE
following topics.
program must provide adequate safeguards to prevent
Who must file (nominee/middleman).
aggregate contributions on behalf of a designated
When and where to file.
beneficiary in excess of the limit established by the State
Electronic reporting requirements.
under the State's qualified tuition program. Aggregate
Corrected and void returns.
contributions include contributions under any prior
qualified ABLE program of any State or agency or
Statements to recipients.
instrumentality.
Taxpayer identification numbers.
Backup withholding.
Return of excess contributions and excess aggre-
Penalties.
gate contributions. A qualified ABLE program must
Other general topics.
return an excess contribution or excess aggregate
contribution (including all net income attributable to that
You can get the general instructions at
excess contribution or excess aggregate contribution) to
form1099qa
or
the person who made the contribution on or before the
due date (including extensions) for the Federal income tax
Qualified ABLE Program
return of the designated beneficiary for the tax year in
A qualified ABLE program is a program established and
which the excess contribution or excess aggregate
maintained by a State, or a State agency, or
contribution was made.
instrumentality:
Specific Instructions for Form
Under which a person may make contributions for a tax
year, for the benefit of an individual who is eligible for the
1099-QA
tax year, to an ABLE account that is established for the
purpose of meeting the qualified disability expenses of the
Who Must File
designated beneficiary of the account;
Which limits a designated beneficiary to one ABLE
Any State or its agency or instrumentality that establishes
account;
and maintains a qualified ABLE program must file a Form
1099-QA, Distributions from ABLE Accounts, with the IRS
Jun 26, 2015
Cat. No. 67557E
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Forms 1099-r And 5498 - Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc. And Ira Contribution Information - Irs - 2017
Financial
Related Categories
Parent category: Financial