IRS Form 5498-QA Able Account Contribution Information

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.