When tax statements are available, ABLEnow customers will receive an email notification.
View and download your tax statements from the ABLEnow account portal or the ABLEnow mobile app. Click on the Message Center tab.
Here are the statements ABLEnow may provide, depending on your account activity in 2023:
IRS Form 1099-QA
1099-QA forms will be available online on January 9, 2024. This statement reports withdrawals from the ABLEnow account in 2023. Note that you only receive a 1099-QA form if you withdrew funds from or closed your ABLEnow account during the tax year.
What do I need to do with my 1099-QA form? If the money you withdrew from your ABLEnow account was used to pay for qualified disability expenses, the distributions aren’t taxable, and you don’t need to report them as income. Just keep your 1099-QA with your records for future reference.
IRS Form 5498-QA
5498-QA forms will be available on February 13, 2024. This statement reports ABLEnow account contributions, rollovers and direct program-to-program transfers in 2023. Note that you only receive a 5498-QA form if you made a contribution, rollover, or direct program-to-program transfer during the tax year.
What do I need to do with my 5498-QA form? Keep this form with your records for future reference. You're not required to file it with your tax return.
Tax statements are archived to review or print when you need them.
Customers may request a free paper copy of their ABLEnow tax documents in addition to the electronic statement. To update your preferences in the ABLEnow account portal or ABLEnow mobile app, go to the Message Center > Update Notification Preferences. The deadline to request a paper 1099-QA is January 8, 2024. The deadline to request a paper 5498-QA is February 12, 2024.
ABLEnow cannot and does not provide legal, financial or tax advice, and the foregoing information should not be construed as such with respect to the consequences for any particular individual as a result of contributions or withdrawals from an ABLEnow account. Since each individual’s legal, financial, and tax situation is unique, a qualified professional should be consulted on any of the topics discussed in this article.