ABLE United

Prepaid Card

General

How It Works

Benefits

Qualified Expenses

Eligibility

Opening an Account

Gifting

Tax Benefits

What is IRS Form 5498-QA?

If a contribution is made to your account, you will receive IRS Form 5498-QA. This tax form details all contributions made throughout the tax year to your account, including contributions, rollovers and direct program-to-program transfers.

ABLE United is required to file all account information with the IRS; this is a record of that information.

To discuss your unique situation, please consult a tax adviser.

Learn more about Form 5498-QA from the IRS.

What is IRS Form 1099-QA?

If you make a withdrawal from your account, you will receive an IRS Form 1099-QA. This tax form details all withdrawals made throughout the tax year from your account.

Generally, if withdrawals from the account are used for the Beneficiary’s Qualified Disability Expenses, the earnings portion of the withdrawals are not subject to federal income taxation. To discuss your unique situation, please consult a tax adviser.

Learn more about Form 1099-QA from the IRS.

What kind of benefits do I get by opening an ABLE United account?

One of the main benefits of having an ABLE United account is being able to save for Qualified Disability Expenses and invest for the future in a tax-advantaged account. Earnings on the account grow tax free as long as the funds are used for Qualified Disability Expenses.

Generally, funds in (or withdrawn from) an account are disregarded when determining Supplemental Security Income (SSI), Medicaid eligibility and other resource means-tested public benefit programs (SNAP, TANF, HUD Assistance, Section 8, etc.). For more information on having an account and public benefits, click here.

Other benefits include the option to have a prepaid card to use for qualified expenses, and the ability to have family and friends contribute to your account.

What is ABLE United?

ABLE United is the state of Florida’s ABLE program and is administered by Florida ABLE, Inc., a direct-support organization of the Florida Prepaid College Board. ABLE United offers ABLE accounts in accordance with Section 529A of the Internal Revenue Code. This account is a unique investment and savings tool designed to help Floridians with eligible disabilities save for qualified expenses. Individuals can invest for the future in this tax-advantaged account without impacting resource limits of federal benefits (like SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.).

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