What if I rolled over my qualified tuition program distribution into an ABLE account?

Distributions from a QTP aren't taxable if they are rolled over to an ABLE account as long as the following conditions apply:
  • The ABLE account is set up for the benefit of the same beneficiary or for the benefit of the beneficiary's family.
  • The rolled over amount, when combined with other amounts contributed to the ABLE account, doesn't exceed the annual contribution limit. If the amount does exceed the annual contribution limit, only include the amount to the extent that it doesn't exceed the limit.
  • The distribution must have been rolled over within 60 days.

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