Important considerations when filing tax returns
Keep this important information in mind about IL ABLE Accounts when filing your 2023 tax return.
- The Account Owner or Authorized Individual should have already received tax form 5498-QA, which shows contributions, and a tax form 1099-QA, which shows distributions. If the Account Owner or Authorized Individual did not receive these forms and there were contributions to and distributions from the Account in 2023, the forms can be accessed by logging into the Account online or by calling Customer Service at 888-609-8683.
- If you are an Illinois taxpayer and you contributed to any IL ABLE Account in 2023, you may be able to take a deduction from your Illinois state income taxes. The Illinois state income tax deduction is up to $10,000 if filing as an individual or $20,000 if filing jointly.
- IL ABLE Account Owners who contributed to their own Account may be eligible for the Tax Saver’s Credit.
As always, consult with a tax advisor with any tax questions about your individual circumstances.
If you have questions about the IL ABLE Account, call Customer Service at (888) 609-8683; Monday – Friday, 8 a.m. – 5 p.m. Central Time.
For more about IL ABLE visit illinoisable.com and read the Plan Disclosure Booklet for full Plan details.