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Understanding Form 5498-QA
Form 5498-QA is used by ABLE program administrators to report:
- Contributions made to an ABLE account
- Rollovers and program-to-program transfers
- Fair Market Value (FMV) of the ABLE account at year-end
The IRS requires this form to be filed annually and furnished to account owners.
Who Must File Form 5498-QA?
You must file Form 5498-QA if you are an:
- ABLE Program Administrator
- State agency operating an ABLE program
- Institution managing ABLE accounts
You must report contributions and the annual FMV for every eligible ABLE account.
Form 5498-QA Deadlines
Here are the IRS deadlines to file Form 5498-QA for the 2025 tax year.
Furnish copies to recipients
March 15, 2026
File with IRS
June 1, 2026
Information Required to File Form 5498-QA
Discover the key information needed to file Form 5498-QA easily.
Issuer Details
- Name, TIN, and Address
- (Street, city, state, ZIP, country)
Beneficiary Details
- Beneficiary’s Name, TIN, and Address
- Account Number
Contribution Details
- ABLE Contributions
- ABLE-to-ABLE Rollovers
- Cumulative Contributions
Account & Eligibility Information
- Fair Market Value
- Basis of Eligibility
- Account Opened in 2025 (Checkbox)
Additional Reporting Codes
Code (Box 7—program-specific reporting)
Why E-File Form 5498-QA with TaxBandits?
Whether you're reporting ABLE account contributions to the IRS or providing copies to beneficiaries, TaxBandits handles the entire process seamlessly.
Flexible Data Import Options
Import your contribution, rollover, and fair market value data using multiple methods — manual entry, bulk upload, or API.
Built-In Data Validations
Our system automatically validates your entries against IRS requirements, helping reduce filing errors and rejections.
Easy Filing with IRS
Once your 5498-QA forms are ready, you can review and submit them effortlessly to the IRS. We’ll send status updates via email.
Beneficiary Copy Distribution
Deliver beneficiary copies via postal mail, secure online portal, or both — ensuring timely and compliant distribution.
Solutions Built for Tax Pros & High Volume Filers
PRO Account
Create a TaxBandits PRO account and seamlessly manage high-volume 5498-QA filings within a secure, cloud-based solution.
API Integration
Integrate TaxBandits with your software to automate W-9 collection, transaction mapping, and IRS filing directly from your existing system.
Frequently Asked Questions On Form 5498-QA
What is Form 5498-QA?
Form 5498-QA is an IRS information return used by state-sponsored ABLE programs to report annual activity in a beneficiary’s ABLE account. This includes contributions, rollovers, program-to-program transfers, the account’s fair market value (FMV) as of December 31, and the beneficiary’s basis of eligibility.
The form is not filed by the beneficiary—it is issued by the ABLE program administrator and sent to both the IRS and the account owner.
Do beneficiaries need to file Form 5498-QA?
No. Beneficiaries do not file Form 5498-QA with their tax return. The ABLE program files it with the IRS and sends a copy to the beneficiary for their records.
Beneficiaries may use the information for tracking contributions, confirming rollover eligibility, and documenting compliance with annual contribution limits, but they do not submit the form themselves.
What is the “Basis of Eligibility”?
The “Basis of Eligibility” indicates how the individual qualifies to open and maintain an ABLE account. ABLE eligibility is based on disability onset before age 26, and one of the following must be true:
- The individual is entitled to SSI,
- The individual is entitled to SSDI, or
- The individual has a certification of disability from a licensed physician meeting IRS requirements.
This designation must be accurate because it affects ABLE program compliance and IRS oversight.
What is an ABLE-to-ABLE rollover?
An ABLE-to-ABLE rollover is a non-taxable movement of funds from one ABLE account to another. A rollover is allowed only if:
- The receiving account is for the same beneficiary, or
- The receiving account is for an eligible family member (as defined under Section 529A).
Only one rollover per beneficiary is allowed within a 12-month period, and the rollover amount counts toward the beneficiary’s annual ABLE contribution limit unless it is a permitted program-to-program transfer.
Why does the Fair Market Value (FMV) matter?
The FMV on Form 5498-QA reflects the total value of the ABLE account as of December 31. It matters because:
- It confirms the year-end account balance to the IRS
- It documents the beneficiary’s resource level for state agencies (especially for means-tested programs)
- It helps ensure that contributions, rollovers, and distributions are being reported accurately
FMV is informational but plays an important role in annual compliance and recordkeeping for both the program and the beneficiary.
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