Yes, ABSTRACTIONS is a Scrabble word!

Letter values in Scrabble US: A 1, B 3, S 1, T 1, R 1, A 1, C 3, T 1, I 1, O 1, N 1, S 1.

Is it a valid word?

ABSTRACTIONS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a concept or idea not associated with any specific instance
the act of withdrawing or removing something
the process of formulating general concepts by abstracting common properties of instances
an abstract painting
preoccupation with something to the exclusion of all else
a general concept formed by extracting common features from specific examples

Also: abstract entity.