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instrx
AH XSL/XML Fileid: … s/i5498esa/2024/a/xml/cycle02/source (Init. & Date) _______
Page 1 of 2 11:11 - 13-Sep-2023
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Department of the Treasury
Internal Revenue Service
2024
Instructions for Form
5498-ESA
Coverdell ESA Contribution Information
Section references are to the Internal Revenue Code Contributions. You must report contributions, including
unless otherwise noted. rollover contributions, to any Coverdell ESA on Form
5498-ESA. See the instructions under Box 1 and Box 2,
Future Developments later. If no reportable contributions were made for 2024,
For the latest information about developments related to no return is required.
Form 5498-ESA and its instructions, such as legislation
For contributions made between January 1, 2025, and
enacted after they were published, go to IRS.gov/
April 15, 2025, trustees and issuers should obtain the
Form5498ESA.
participant's designation of the year for which the
Reminders contributions are made.
In addition to these specific instructions, you should also Rollovers and transfers. Report on Form 5498-ESA
use the current General Instructions for Certain all rollovers, including a direct trustee-to-trustee transfer
Information Returns. Those general instructions include from one Coverdell ESA to another Coverdell ESA. A
information about the following topics. rollover can be made from certain U.S. Savings Bonds or
• Who must file. another Coverdell ESA. The contribution of a military
• When and where to file. death gratuity to a Coverdell ESA is a rollover contribution.
• Electronic reporting. Any amount distributed from a Coverdell ESA may be
• Corrected and void returns. rolled over to another Coverdell ESA and is not taxable if it
• Statements to recipients. is paid no later than the 60th day after the date of such
• Taxpayer identification numbers (TINs). payment or distribution into another Coverdell ESA for the
• Backup withholding. benefit of the same beneficiary or a member of the
• Penalties. beneficiary's family who has not attained age 30 as of
• Other general topics. such date. The preceding sentence shall not apply to any
payment or distribution if it applied to any prior payment or
You can get the General Instructions for Certain distribution during the 12-month period ending on the date
Information Returns at IRS.gov/1099GeneralInstructions of the payment or distribution.
or go to IRS.gov/Form5498ESA. Family member. Family members of the designated
Online fillable form. Due to the very low volume of beneficiary include the beneficiary's spouse. Also
paper Forms 5498-ESA received and processed by the included are the beneficiary's children, stepchildren, foster
IRS each year, this form has been converted to an online children, and their descendants; siblings and their
fillable format. You may fill out the form, found online at children; parents, their siblings, and ancestors;
IRS.gov/Form5498ESA, and send Copy B to the recipient. stepparents; in-laws; the spouse of any of the foregoing;
For filing with the IRS, follow the applicable procedures if and any first cousin of the designated beneficiary.
you are required to file electronically, or, for this form Total distribution, no contributions. Generally, if a total
only, if you are qualified to file on paper, send in the distribution was made from an account during the year
black-and-white Copy A with Form 1096 that you print and no contributions (including rollovers) were made for
from the IRS website. that year, you do not need to file Form 5498-ESA.
Distributions. Report distributions from any Coverdell
Specific Instructions ESA on Form 1099-Q, Payments From Qualified
File Form 5498-ESA, Coverdell ESA Contribution Education Programs. Any change in the beneficiary of the
Information, with the IRS for each person for whom you Coverdell ESA is not treated as a distribution if the new
maintained any Coverdell education savings account beneficiary is a family member (see above) of the prior
(ESA) during 2024. beneficiary and has not reached the age of 30 (except for
a beneficiary with special needs).
A Coverdell ESA is a trust or custodial account created
or organized in the United States exclusively for the Statements to participants. If you are required to file
purpose of paying the qualified education expenses of an Form 5498-ESA, you must furnish a statement to the
individual who is the designated beneficiary of the trust or beneficiary (participant) by April 30, 2025.
custodial account. The account must be designated as a For more information about the requirement to furnish
Coverdell ESA at the time it is created or organized in statements to participants, see part M in the General
order to be treated as a Coverdell ESA for tax purposes. Instructions for Certain Information Returns.
The governing instrument creating the trust must meet the
requirements of section 530(b)(1).
Sep 13, 2023 Cat. No. 34006Q
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