IRS Notice on Information Collection for ABLE Account Forms 5498-QA and 1099-QA
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The Internal Revenue Service is seeking public comments on the revision of information collection requirements for Forms 5498-QA and 1099-QA related to Achieving a Better Life Experience (ABLE) accounts. These tax-advantaged savings programs help eligible individuals with disabilities pay for qualified expenses. Form 5498-QA reports contributions, rollovers, and the fair market value of ABLE accounts, while Form 1099-QA reports distributions from these accounts. The current revision specifically adds the ability to report amounts rolled over from a Trump account to an ABLE account. The notice estimates 20,000 responses with an average of 11 minutes per response, resulting in 3,600 total annual burden hours. Comments must be received by June 5, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Form 5498-QA revised to capture amounts rolled over from a Trump account to an ABLE account
- Public comment period ends June 5, 2026
- Estimated 20,000 annual responses
+ 3 more changes with Pro
Obligations
What this law requires
Submit written comments on the information collection request for Forms 5498-QA and 1099-QA on or before June 5, 2026 to ensure consideration
Direct written comments to Andres Garcia at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov with 'OMB Control No. 1545-2262' in the subject line
Qualified ABLE programs must report contributions and rollovers to ABLE accounts using Form 5498-QA, including fair market value of accounts
Qualified ABLE programs must report distributions from ABLE accounts using Form 1099-QA
Form 5498-QA must be revised to capture amounts rolled over from a Trump account to an ABLE account