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.
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