Get the free 2015 Form 5498-QA. ABLE Account Contribution Information - irs

YYY VOID CORRECTED ISSUER IS name, street address, city or town, state or province, country, and 1 ABLE contributions ZIP or foreign postal code OMB No. $154522622015 2 Rollover contributions $ Form

How to fill out 2015 form 5498-qa able

How to fill out the 2015 form 5498-QA Able:

1. Obtain the form: You can download the 2015 form 5498-QA Able from the official IRS website or visit your local IRS office to pick up a copy.
2. Fill in your personal information: Start by entering your name, address, and social security number in the designated spaces on the form. Make sure to double-check the accuracy of this information.
3. Provide the trustee's information: If you have a trustee for your IRA, such as a financial institution, you will need to provide their name, address, and contact information on the form. If you don't have a trustee, or if you're self-trusteed, you can leave this section blank.
4. Report contributions: The purpose of form 5498-QA Able is to report contributions made to your designated beneficiary's ABLE account. Enter the total amount of contributions made during the 2015 tax year in the appropriate section.
5. Indicate rollovers and transfers: If you made any rollovers or transfers from another ABLE account during 2015, you must report the total amount in the designated section on the form.
6. Report distributions: If any distributions were made from the ABLE account in 2015, enter the total amount distributed in the specified section. This includes any qualified disability expenses that were paid directly from the account.
7. Calculate the fair market value: Determine the fair market value (FMV) of the ABLE account as of December 31, 2015. It should reflect the total value of all assets held in the account at the end of the tax year.
8. Review and submit: Once you have filled out all the necessary sections, review the form for accuracy and completeness. Make sure all calculations are correct and that you have signed and dated the form. Keep a copy for your records and submit the original to the IRS.

Who needs the 2015 form 5498-QA Able:

The 2015 form 5498-QA Able is required for individuals who have established an ABLE account or made contributions to an ABLE account during the 2015 tax year. This form is specifically designed for taxpayers who have a designated beneficiary with a disability and are using the ABLE account as a tax-advantaged savings tool to meet the beneficiary's qualified disability expenses. If you meet these criteria, it is important to accurately complete and submit the form to report contributions, rollovers, transfers, distributions, and the fair market value of the ABLE account.

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