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Form 1099-QA

What is Form 1099-QA?

Form 1099-QA is used to report distributions from the Achieving a Better Life Experience (ABLE) Account for special needs individuals with a disability. Any state, agency, or instrumentality that establishes and maintains a qualified ABLE program must file a Form 1099-QA (Distributions from ABLE Accounts), for each ABLE account from which any distribution was made or that was terminated during the taxable year.

A qualified ABLE program is a program established and maintained by a state, agency, or instrumentality of a state:

Under which an ABLE account may be established for a blind or disabled individual whose blindness or disability occurred before the age of 26 an eligible individual is someone who is the owner and designated beneficiary of the account;
Which permits contributions to such ABLE account to pay for the qualified disability expenses of the account’s designated beneficiary;
Which limits a designated beneficiary to one ABLE account; and
That meets the other requirements of section 529A.

Do not file Form 1099-QA for a change in the name of the designated beneficiary on an ABLE account. If the new designated beneficiary is an eligible individual or a member of the family of the former designated beneficiary.

How to File IRS Form 1099-QA?

What the filers need to file Form 1099-QA,

Taxpayer's (PAYER/RECIPIENT) information
Account number
Distribution’s information

The IRS encourages you to designate an account number for all Forms 1099-QA that you file.

Filer Instructions

Box 1: Gross Distribution

Box 2: Earnings

Box 3: Basis

Box 4: Program-to-Program Transfer Checkbox

Box 5: ABLE Account Terminated Checkbox

Box 6: Other Than Designated Beneficiary Checkbox

Who can use Form 1099-QA?

The filing can be done by an officer, employee of the state, agency, or instrumentality that has control of the qualified ABLE program. If the new designated beneficiary is not an eligible individual for the tax year or is not a member of the family of the former beneficiary, the Form 1099-QA filed concerning the former designated beneficiary should include in box 1 the fair market value (FMV) of the assets in the ABLE account on the date on which the change is made to the new designated beneficiary.

There are three copies of the form the first copy will go to the IRS, the second copy is for the Recipient, and the third copy is for the Payer.

Form 1099-CAP deadlines

Filing Type	Deadline's
Recipient copy	January 31
IRS Paper Filing	February 28
IRS Electronic Filing	March 1

Note: : If the due date/deadline falls on a Saturday, Sunday, or a public holiday, the filer will need to E-file on the next business day.

1099-QA Form

Register for free to E-file Forms 1099-DIV, 1099-QA, 1099-SB, 1099-CAP, 1099-LS, 1099-H, 1099-S, 1099-G, 1099-B, 1099-C, 1099-R, 1099-SA, 1099-A, 1099-OID, 1099-K, 1099-MISC, 1099-NEC, 1099-INT, 1099-LTC, 1099-Q and 1099-PATR with Tax2efile or Call us at 703-229-0326 for assistance on filing your 1099 taxes online.