Welcome back! Ask questions, get answers, and join our large community of tax professionals.
  • Sign In
  • Elevate 2026 Pencil Banner
    cancel
    Showing results for 
    Search instead for 
    Did you mean: 

    ABLE aCCOUNT CONTRIBUTION

    Fareed
    Level 1

    Where to enter Able account contribution in proies professional

     

    0 Cheers

    This discussion has been locked. No new contributions can be made. You may start a new discussion here

    3 Comments 3
    Just-Lisa-Now-
    Level 15
    Level 15

    Im not familiar with these, but when I hit the green WHERE DO I ENTER button and type in ABLE contribution, Form 8880 pops up and has a space for it.


    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    0 Cheers
    Fareed
    Level 1

    Thank you. I also found the same. 

    Howere, were do we enter Distribution form Able account

    0 Cheers
    Just-Lisa-Now-
    Level 15
    Level 15

    again, Im not familiar with this type of account, a quick search of the IRS website shows that they work similar to a 529 and as long as the money was used for qualified disability expenses, none of it (including the earnings in the account) is taxable...what type of reporting form did they provide you with?


    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    0 Cheers