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5498-QA Able Account
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MGC94
Level 7
03-16-2024
09:08 AM
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Where do you put Able contributions?
Also, 1099-MISC Other income from a settlement fund. Does that just get reported as other income?
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2 Comments 2
dkh
Level 15
03-16-2024
10:29 AM
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Able contributions are eligible for state credits so look on your state return for proper form to report contributions. There is a possibility for a Retirement Savings Contribution Credit for the beneficiary of the Able account..... look at instructions for F8880.
Terry53029
Level 14
03-16-2024
12:47 PM
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As DKH said Contributions aren't tax-deductible at the federal level, although some states may provide an income tax deduction for contributions made to an ABLE account.
as far as settlement on 1099MISC. see link.
