Who needs to file Form 5498-ESA?

Any person who maintained a Coverdell ESA during the year must file Form 5498-ESA with the IRS.

Where can I find the instructions for filing Form 5498-ESA electronically?

The instructions for filing Form 5498-ESA electronically can be found on IRS.gov/Form5498ESA.

Who is considered a family member for the purpose of Form 5498-ESA?

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.

What is the deadline for furnishing a statement to the beneficiary?

The statement to the beneficiary must be furnished by April 30, 2025.

Can I truncate a beneficiary's TIN on payee statements?

Yes, filers of Form 5498-ESA may truncate the beneficiary's TIN on payee statements, but not on any documents filed with the IRS.

What information should be reported in Box 1 of Form 5498-ESA?

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.

What is Form 5498-ESA used for?

Form 5498-ESA is used to report contributions, rollovers, and distributions from Coverdell Education Savings Accounts (ESAs) to the Internal Revenue Service.

What is a Coverdell ESA?

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

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Coverdell ESA Contribution Information

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.

Instructions

Form 5498-ESA Instructions - Instructions for Form 5498-ESA, Coverdell ESA Contribution Information

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Form 5498-ESA

FAQ

Who needs to file Form 5498-ESA?
Any person who maintained a Coverdell ESA during the year must file Form 5498-ESA with the IRS.
Where can I find the instructions for filing Form 5498-ESA electronically?
The instructions for filing Form 5498-ESA electronically can be found on IRS.gov/Form5498ESA.
Who is considered a family member for the purpose of Form 5498-ESA?
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.
What is the deadline for furnishing a statement to the beneficiary?
The statement to the beneficiary must be furnished by April 30, 2025.
Can I truncate a beneficiary's TIN on payee statements?
Yes, filers of Form 5498-ESA may truncate the beneficiary's TIN on payee statements, but not on any documents filed with the IRS.
What information should be reported in Box 1 of Form 5498-ESA?
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.
What is Form 5498-ESA used for?
Form 5498-ESA is used to report contributions, rollovers, and distributions from Coverdell Education Savings Accounts (ESAs) to the Internal Revenue Service.
What is a Coverdell ESA?
A Coverdell ESA is a trust or custodial account created in the United States for paying the qualified education expenses of an individual.

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Tax forms

Form 5498-ESA is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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