Screen 1099QA - ABLE Account Information (1040)

General Information

For Pennsylvania returns, if the beneficiary of the ABLE contribution (Form 5498-QA, box 1) isn't the recipient, use the beneficiary fields in the
Additional Information
section. To use these fields, enter
X
in the
Check if the recipient is not the designated beneficiary
field in box
6
in the
1099-QA Facsimile
section.
This field is mandatory.
See State fields in UltraTax CS/1040 for more information.
Enter the taxpayer identification number of the recipient. This field is required. UltraTax CS produces one ABLE Account Worksheet for each recipient Social Security Number (SSN). You can enter or select the SSN.
Enter the expenses related to the beneficiary’s disability (health, independence, and quality of life) paid for with distributions from this ABLE account. The taxable portion of distributions in excess of qualified disability expenses transfers to Schedule 1 (Form 1040), Other income and Form 5329 Part II.
Contributions are limited to the annual gift tax exclusion amount, which is $16,000. Per Publication 907, certain employed ABLE account beneficiaries can make an additional contribution. Enter the additional contribution amount in the
Additional contribution limit amount
field. Excess contributions transfer automatically to Form 5329 Part VIII.
Due to the Tax Cuts and Jobs Act (TCJA), money from qualified tuition programs (QTP) or 529 plans can be rolled over to an ABLE account without penalty. In this field, enter the QTP/529 plan rollover amount that's being included in the contributions for the year. Refer to Publication 907 for more information.
The Tax Cuts and Jobs Act (TCJA) introduced the following change: Certain employed ABLE account beneficiaries may make an additional contribution up to the lesser of 1) the designated beneficiary's compensation, or 2) the poverty amount of $12,880 (continental U.S.), $14,820 (Hawaii), or $16,090 (Alaska). Enter the additional contribution limit amount. Refer to Publication 907 for more information.
Enter
24
for qualified ABLE contributions in DE, IA, IL, KS, MD, MO, MS, MT, NE, OH, OR, PA, SC, VA, or WI. The
Amount contributed in current year
deducts on the state return.
UT:
Enter
24
for qualified contributions; a percentage calculates as a nonapportionable, non-refundable credit on Sch TC-40A.
IL:
Enter
Account number
in
Additional Information
section.
If this box is marked, the gross distribution amount appears automatically in the
Amount of rollover
field.
If this box is marked, the
Delete on next year’s proforma
field marks automatically.
This field completes automatically if the Social Security number was selected in the
Recipient’s SSN
field.
This field automatically contains the amount of the gross distribution if the
Program-to-program transfer
field is marked.
Enter the amount of the excess distribution that should be excepted from additional tax. The additional tax doesn't apply to distributions on or after the designated beneficiary’s death or to returns of excess contributions.
If the recipient isn't the designated beneficiary, enter the beneficiary’s taxpayer identification number.
If the recipient isn't the designated beneficiary, enter the beneficiary’s first name.
If the recipient isn't the designated beneficiary, enter the beneficiary’s family name.
Enter all qualified disability expenses incurred by the designated beneficiary before the date of death. Also include any amount paid in satisfaction of a claim by the State for medical assistance paid for the beneficiary under the State’s Medicaid plan.
This amount is used on Form 5329, if necessary, to calculate any additional tax on excess contributions.
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