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instrx
AH XSL/XML Fileid: … s/i5498esa/2023/a/xml/cycle03/source (Init. & Date) _______
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Department of the Treasury
Internal Revenue Service
2023
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 2023,
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, 2024, and
enacted after they were published, go to IRS.gov/
April 15, 2024, 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 2023 General Instructions for Certain Information all rollovers, including a direct trustee-to-trustee transfer
Returns. Those general instructions include information from one Coverdell ESA to another Coverdell ESA. A
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
• Electronic reporting. contribution. Any amount distributed from a Coverdell
• Corrected and void returns. ESA may be rolled over to another Coverdell ESA and is
• Statements to recipients. not taxable if it is paid no later than the 60th day after the
• Taxpayer identification numbers (TINs). date of such payment or distribution into another
• Backup withholding. Coverdell ESA for the benefit of the same beneficiary or a
• Penalties. member of the beneficiary's family who has not attained
• Other general topics. age 30 as of such date. The preceding sentence shall not
apply to any payment or distribution if it applied to any
You can get the General Instructions for Certain prior payment or distribution during the 12-month period
Information Returns at IRS.gov/1099GeneralInstructions ending on the date 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
only, if you are qualified to file on paper, send in the total distribution was made from an account during the
black and white Copy A with Form 1096 that you print ‐ ‐ year and no contributions (including rollovers) were made
from the IRS website. for 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 2023. 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, 2024.
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 2023 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).
Aug 05, 2022 Cat. No. 34006Q
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