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

Q: What is a Coverdell Education Savings Account (ESA)?
A: A Coverdell Education Savings Account (ESA) is a tax-advantaged savings account that can be used to save for qualified education expenses.

Q: Who needs to file IRS Form 5498-ESA?
A: Financial institutions that hold Coverdell ESAs are required to file Form 5498-ESA to report contributions made during the tax year.

Q: What information is reported on IRS Form 5498-ESA?
A: Form 5498-ESA reports the total contributions made to the account during the tax year and includes the account holder's name, address, and Social Security number.

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

Q: Can I deduct contributions to a Coverdell ESA on my tax return?
A: No, contributions to a Coverdell ESA are not deductible on your federal income tax return.