Rev. 2024
Form 5498-ESA is a document furnished by the trustee or issuer of a Coverdell Education Savings Account (ESA) to beneficiaries and the Internal Revenue Service (IRS). The form reports contributions and rollover contributions made for the beneficiary in 2024. Beneficiaries are required to keep track of their Coverdell ESA basis and may face penalties if total contributions exceeded $2,000. The document also provides instructions for the beneficiary and includes contact information for the trustee or issuer and the IRS.
Any person who maintained a Coverdell ESA during the year must file Form 5498-ESA with the IRS.
The instructions for filing Form 5498-ESA electronically can be found on IRS.gov/Form5498ESA.
Family members include the beneficiary's spouse, children, stepchildren, foster children, siblings and their children, parents, ancestors, stepparents, in-laws, and any first cousin of the designated beneficiary.
The statement to the beneficiary must be furnished by April 30, 2025.
Yes, filers of Form 5498-ESA may truncate the beneficiary's TIN on payee statements, but not on any documents filed with the IRS.
Contributions made to a Coverdell ESA during the year designated for that year should be reported in Box 1, excluding rollovers which should be reported in Box 2.
Form 5498-ESA is used to report contributions, rollovers, and distributions from Coverdell Education Savings Accounts (ESAs) to the Internal Revenue Service.
A Coverdell ESA is a trust or custodial account created in the United States for paying the qualified education expenses of an individual.
Form 5498-ESA is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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