The IRS Form 5498‑ESA (Coverdell Education Savings Account Contribution Information) is the official document trustees or issuers use to report contributions, rollovers, and the year‑end fair market value of a Coverdell ESA. Accurate reporting helps the IRS track education‑savings contributions and ensures beneficiaries stay within the $2,000 annual limit.
Form 5498‑ESA provides a yearly snapshot of all activity in a Coverdell ESA. It includes:
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Deadline: Trustees must provide Copy B of Form 5498‑ESA to the beneficiary by May 31 of the year following the tax year.
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The trustee or issuer of the Coverdell ESA files the form. A copy (Copy B) is provided to the beneficiary by May 31 of the following year.
No. Contributions reported on Form 5498‑ESA are not deductible, but they are important for tracking contribution limits.
Yes. If you have 250 or more forms, electronic filing is required. For a single form, you can submit a paper copy or use an online filler like Formize.
Excess contributions plus earnings must be withdrawn by June 1 of the following year to avoid a 6% excise tax on the excess amount.
Generally, no supporting documents are attached to Form 5498‑ESA, but you should keep records of contributions and rollovers for your own files.
Submit a corrected Form 5498‑ESA with the label "Corrected" at the top of the form. The IRS provides instructions for filing amended information returns.
A Form 5498-ESA egyike azon adóűrlapoknak, amelyek az adókkal kapcsolatos információk illetékes adóhatóság felé történő bejelentésére szolgálnak. Különféle adóformák léteznek, beleértve a szövetségi, állami és helyi adóformákat, amelyek az adófizető körülményeitől és helyétől függően változhatnak.
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