5498-QA Able Account

[MGC94]

Where do you put Able contributions? 

Also, 1099-MISC Other income from a settlement fund. Does that just get reported as other income? 

[dkh]

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]

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.

https://www.irs.gov/government-entities/tax-implications-of-settlements-and-judgments#:~:text=Theref...