Instructions for IRS Form 5498-ESA Coverdell Esa Contribution Information

IRS Form 5498-ESA Coverdell Esa Contribution Information

This document contains official instructions for IRS Form 5498-ESA , Coverdell Esa Contribution Information - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 5498-ESA is available for download through this link.

FAQ

Q: What is Form 5498-ESA?
A: Form 5498-ESA is a tax form used to report contributions made to a Coverdell Education Savings Account (ESA).

Q: Who should file Form 5498-ESA?
A: Financial institutions that manage a Coverdell ESA must file Form 5498-ESA to report contributions made to the account.

Q: Do individuals need to file Form 5498-ESA?
A: No, individuals who contribute to a Coverdell ESA do not need to file Form 5498-ESA.

Q: What information is reported on Form 5498-ESA?
A: Form 5498-ESA reports the contributions made to a Coverdell ESA, including the account owner’s name, address, and taxpayer identification number.

Q: When is Form 5498-ESA due?
A: Form 5498-ESA must be filed with the IRS by May 31st of the year following the calendar year for which contributions were made.

Q: Is Form 5498-ESA used to claim a tax deduction?
A: No, Form 5498-ESA is not used to claim a tax deduction. It is for informational purposes only.

Q: What should individuals do with Form 5498-ESA?
A: Individuals who contribute to a Coverdell ESA should keep a copy of Form 5498-ESA for their records, but do not need to attach it to their tax return.