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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for IRS Form 5498-ESA
for the current year.
Instructions for 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 IRS Form 5498-ESA?
A: IRS Form 5498-ESA is a form used to report contributions to a Coverdell Education Savings Account (ESA).
Q: What is a Coverdell Education Savings Account (ESA)?
A: A Coverdell ESA is a tax-advantaged account designed to help save for educational expenses. It can be used for both K-12 and higher education expenses.
Q: Who needs to file IRS Form 5498-ESA?
A: The trustee or custodian of a Coverdell ESA must file Form 5498-ESA to report contributions made to the account.
Q: When is the deadline for filing IRS Form 5498-ESA?
A: Form 5498-ESA must be filed by May 31 each year.
Q: What information is reported on IRS Form 5498-ESA?
A: Form 5498-ESA reports the contributions made to the account, as well as certain other information related to the account and the account holder.
Q: Do I need to attach IRS Form 5498-ESA to my tax return?
A: No, you do not need to attach Form 5498-ESA to your tax return. It is for informational purposes only.
Q: Are there any penalties for not filing IRS Form 5498-ESA?
A: There may be penalties for failing to file Form 5498-ESA or for filing incorrect or incomplete information. It's important to file the form accurately and on time.
Q: Can I contribute to a Coverdell ESA for my child?
A: Yes, parents or guardians can contribute to a Coverdell ESA for a child's education expenses.
Q: What are the contribution limits for a Coverdell ESA?
A: The annual contribution limit for a Coverdell ESA is $2,000 per beneficiary.
Instruction Details:
- This 2-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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