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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 5498-QA Able Account
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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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.
