What is IRS Form 1099-QA?

If you make a withdrawal from your account, you will receive the IRS Form 1099-QA, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. This statement reports withdrawals from the ABLE account in the prior calendar year. You only receive a 1099-QA form if you withdrew funds from or closed your ABLE account during the tax year.

To ensure that you properly handle matters on your federal income tax return, please consult a tax advisor and learn more about Form 1099-QA from the IRS directly.