IRS Form 5498-ESA Coverdell Esa Contribution Information
What Is IRS Form 5498-ESA?
IRS Form 5498-ESA, Coverdell ESA Contribution Information , is a fiscal document completed by a taxpayer to describe their financial contributions to the qualified education expenses of other people.
Alternate Name:
- Tax Form 5498-ESA.
You are obliged to prepare this instrument for every beneficiary of the custodial or trust account as a custodian or the trustee whose responsibility is to manage the account. The relationship between the parties does not matter however in most cases, it is the responsibility of the parent or legal guardian to ensure their child who is considered a beneficiary has their academic expenses covered and reported properly.
This statement was released by the Internal Revenue Service (IRS) in 2024 , making previous editions obsolete. An IRS Form 5498-ESA fillable version is available for download below.
Form 5498-ESA Instructions
Follow the IRS Form 5498-ESA Instructions to properly submit the form:
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Check the appropriate box to confirm you wish to void the form you filed earlier or correct the information . Identify the issuer or trustee - the documentation has to contain their full name, correspondence address, and taxpayer identification number. Write down the personal details of the beneficiary - their name, mailing address, and taxpayer identification number. Note that to safeguard the identity of the beneficiary it is permitted to enter the last four digits of the number in question when you are sending the form to them; however, you are required to report the complete number to the fiscal authorities.
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Enter the number of the account if the beneficiary has multiple accounts - it will allow you to differentiate between them in the future . Specify the amount of contributions to the account you have made during the period covered in the form. Rollover contributions have to be listed separately. Remember that if the total amount of contributions exceeds the established threshold (currently it is $2.000), you will be obliged to deduct the excess by the time of filing otherwise you may be subject to a penalty from the IRS. While the contributions are not deductible, you will be able to receive distributions free of tax at the time the beneficiary has to deduct them to deal with educational costs. Leave the rest of the fields in the instrument blank.
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Create three identical copies of the form - one of them remains in your personal records, the other is filed with tax organs, and the last must be sent to the beneficiary . File this document with IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns - if you are submitting multiple forms, this document is supposed to accompany each of them separately. The Form 5498-ESA deadline is May 31 of the year that follows the year described in writing unless the date falls on a legal holiday, Saturday, or Sunday - in this case, you are allowed to submit the paperwork on the next business day.
IRS 5498-ESA Related Forms
IRS Form 5498-ESA is part of a series of forms, which includes three other related forms, briefly described below:
- IRS Form 5498, IRA Contribution Information, is a form that a trustee or issuer of an individual retirement arrangement (IRAs) files with the IRS for each person for whom they maintained an IRA.
- IRS Form 5498-QA, ABLE Account Contribution Information, which is a form filed with the IRS by any State or its agency or instrumentality in order to report the contributions made to an ABLE account for each qualified ABLE account they established and maintained.
- IRS Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, which is a form filed with the IRS by trustees or custodians of a Health Savings Account (HSA), Medicare Advantage MSA (MA MSA), or Archer Medical Savings Account (Archer MSA) for each person for whom they maintained one of these savings accounts.
Download IRS Form 5498-ESA Coverdell Esa Contribution Information
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