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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 information about contributions made to a Coverdell Education Savings Account (ESA).
Q: Who needs to fill out IRS Form 5498-ESA?
A: Financial institutions that handle Coverdell ESAs are required to fill out Form 5498-ESA and send a copy to the account holder and the IRS.
Q: What information does IRS Form 5498-ESA report?
A: Form 5498-ESA reports the amount of contributions made to a Coverdell ESA during the tax year.
Q: What is a Coverdell Education Savings Account (ESA)?
A: A Coverdell ESA is a tax-advantaged savings account that can be used to pay for qualified education expenses.
Q: What are qualified education expenses for a Coverdell ESA?
A: Qualified education expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution.
Q: Is there a contribution limit for a Coverdell ESA?
A: Yes, the maximum annual contribution for a Coverdell ESA is $2,000 per beneficiary.
Q: Are contributions to a Coverdell ESA tax-deductible?
A: No, contributions to a Coverdell ESA are not tax-deductible.
Q: Are distributions from a Coverdell ESA taxable?
A: Distributions from a Coverdell ESA are tax-free as long as they are used for qualified education expenses.
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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