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Instructions for IRS Form 1099-QA, 5498-QA
for the current year.
Instructions for IRS Form 1099-QA, 5498-QA Distributions From Able Accounts and Able Account Contribution Information
This document contains official instructions for IRS Form 1099-QA , and IRS Form 5498-QA . Both forms are released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-QA is available for download through this link. The latest available IRS Form 5498-QA can be downloaded through this link.
FAQ
Q: What is IRS Form 1099-QA?
A: IRS Form 1099-QA is used to report distributions from Able Accounts.
Q: What is IRS Form 5498-QA?
A: IRS Form 5498-QA is used to report information about contributions made to Able Accounts.
Q: What are Able Accounts?
A: Able Accounts are tax-advantaged savings accounts for individuals with disabilities.
Q: Who needs to file IRS Form 1099-QA?
A: Financial institutions that make distributions from Able Accounts need to file IRS Form 1099-QA.
Q: Who needs to file IRS Form 5498-QA?
A: Financial institutions that receive contributions to Able Accounts need to file IRS Form 5498-QA.
Q: What information is reported on IRS Form 1099-QA?
A: IRS Form 1099-QA reports the amount and type of distributions made from Able Accounts.
Q: What information is reported on IRS Form 5498-QA?
A: IRS Form 5498-QA reports the amount and type of contributions made to Able Accounts.
Q: When are IRS Form 1099-QA and 5498-QA due?
A: IRS Form 1099-QA and 5498-QA are typically due by January 31st of the following year.
Q: Are distributions from Able Accounts taxable?
A: Distributions from Able Accounts are generally tax-free if used for qualified disability expenses.
Instruction Details:
- This 4-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
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