Instructions for IRS Form 5498-esa - Coverdell Esa Contribution Information 2019

January 1, 2019 "Instructions For Irs Form 5498-esa - Coverdell Esa Contribution Information" contain the latest filing requirements for the IRS-issued Form 5498-ESA. Download your copy of the instructions by clicking the link below.

IRS Form 5498-ESA is tax form released and collected by the Internal Revenue Service of the United States.

ADVERTISEMENT
2019
Department of the Treasury
Internal Revenue Service
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 2019,
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, 2019, and
enacted after they were published, go to
IRS.gov/
April 15, 2020, trustees and issuers should obtain the
Form5498ESA.
participant's designation of the year for which the
Reminders
contributions are made.
Rollovers and transfers. Report on Form 5498-ESA
In addition to these specific instructions, you should also
all rollovers, including a direct trustee-to-trustee transfer
use the 2019 General Instructions for Certain Information
from one Coverdell ESA to another Coverdell ESA. A
Returns. Those general instructions include information
rollover can be made from certain U.S. Savings Bonds or
about the following topics.
another Coverdell ESA. The contribution of a military
Who must file.
death gratuity to a Coverdell ESA is a rollover
When and where to file.
contribution. Any amount distributed from a Coverdell
Electronic reporting.
ESA may be rolled over to another Coverdell ESA and is
Corrected and void returns.
not taxable if it is for the benefit of the same beneficiary or
Statements to recipients.
a member of the beneficiary's family.
Taxpayer identification numbers (TINs).
Family member. Family members of the designated
Backup withholding.
beneficiary include the beneficiary's spouse. Also
Penalties.
included are the beneficiary's children, stepchildren, foster
Other general topics.
children, and their descendants; siblings and their
You can get the general instructions from
General
children; parents, their siblings, and ancestors;
Instructions for Certain Information Returns
at
IRS.gov/
stepparents; in-laws; the spouse of any of the foregoing;
1099GeneralInstructions
or go to IRS.gov/Form5498ESA.
and any first cousin of the designated beneficiary.
Online fillable form. Due to the very low volume of
Total distribution, no contributions. Generally, if a
paper Forms 5498-ESA received and processed by the
total distribution was made from an account during the
IRS each year, this form has been converted to an online
year and no contributions (including rollovers) were made
fillable format. You may fill out the form, found online at
for that year, you do not need to file Form 5498-ESA.
IRS.gov/Form5498ESA, and send Copy B to the recipient.
Distributions. Report distributions from any Coverdell
For filing with the IRS, follow the applicable procedures for
ESA on Form 1099-Q, Payments From Qualified
filing electronically if you are filing 250 or more forms. For
Education Programs (Under Sections 529 and 530). Any
Form 5498-ESA only, if you are filing this form on paper,
change in the beneficiary of the Coverdell ESA is not
you may send in the black-and-white Copy A with Form
treated as a distribution if the new beneficiary is a family
1096 that you print from the IRS website.
member (see above) of the prior beneficiary and has not
reached the age of 30 (except for a beneficiary with
Specific Instructions
special needs).
File Form 5498-ESA, Coverdell ESA Contribution
Statements to participants. If you are required to file
Information, with the IRS for each person for whom you
Form 5498-ESA, you must furnish a statement to the
maintained any Coverdell education savings account
beneficiary (participant) by April 30, 2020.
(ESA) during 2019.
For more information about the requirement to furnish
statements to participants, see part M in the 2019 General
A Coverdell ESA is a trust or custodial account created
Instructions for Certain Information Returns.
or organized in the United States exclusively for the
purpose of paying the qualified education expenses of an
Truncating beneficiary’s TIN on payee statements.
individual who is the designated beneficiary of the trust or
Pursuant to Regulations section 301.6109-4, all filers of
custodial account. The account must be designated as a
this form may truncate a beneficiary’s TIN (social security
Coverdell ESA at the time it is created or organized in
number (SSN), individual taxpayer identification number
order to be treated as a Coverdell ESA for tax purposes.
(ITIN), adoption taxpayer identification number (ATIN), or
The governing instrument creating the trust must meet the
employer identification number (EIN)) on payee
requirements of section 530(b)(1).
Oct 09, 2018
Cat. No. 34006Q
2019
Department of the Treasury
Internal Revenue Service
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 2019,
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, 2019, and
enacted after they were published, go to
IRS.gov/
April 15, 2020, trustees and issuers should obtain the
Form5498ESA.
participant's designation of the year for which the
Reminders
contributions are made.
Rollovers and transfers. Report on Form 5498-ESA
In addition to these specific instructions, you should also
all rollovers, including a direct trustee-to-trustee transfer
use the 2019 General Instructions for Certain Information
from one Coverdell ESA to another Coverdell ESA. A
Returns. Those general instructions include information
rollover can be made from certain U.S. Savings Bonds or
about the following topics.
another Coverdell ESA. The contribution of a military
Who must file.
death gratuity to a Coverdell ESA is a rollover
When and where to file.
contribution. Any amount distributed from a Coverdell
Electronic reporting.
ESA may be rolled over to another Coverdell ESA and is
Corrected and void returns.
not taxable if it is for the benefit of the same beneficiary or
Statements to recipients.
a member of the beneficiary's family.
Taxpayer identification numbers (TINs).
Family member. Family members of the designated
Backup withholding.
beneficiary include the beneficiary's spouse. Also
Penalties.
included are the beneficiary's children, stepchildren, foster
Other general topics.
children, and their descendants; siblings and their
You can get the general instructions from
General
children; parents, their siblings, and ancestors;
Instructions for Certain Information Returns
at
IRS.gov/
stepparents; in-laws; the spouse of any of the foregoing;
1099GeneralInstructions
or go to IRS.gov/Form5498ESA.
and any first cousin of the designated beneficiary.
Online fillable form. Due to the very low volume of
Total distribution, no contributions. Generally, if a
paper Forms 5498-ESA received and processed by the
total distribution was made from an account during the
IRS each year, this form has been converted to an online
year and no contributions (including rollovers) were made
fillable format. You may fill out the form, found online at
for that year, you do not need to file Form 5498-ESA.
IRS.gov/Form5498ESA, and send Copy B to the recipient.
Distributions. Report distributions from any Coverdell
For filing with the IRS, follow the applicable procedures for
ESA on Form 1099-Q, Payments From Qualified
filing electronically if you are filing 250 or more forms. For
Education Programs (Under Sections 529 and 530). Any
Form 5498-ESA only, if you are filing this form on paper,
change in the beneficiary of the Coverdell ESA is not
you may send in the black-and-white Copy A with Form
treated as a distribution if the new beneficiary is a family
1096 that you print from the IRS website.
member (see above) of the prior beneficiary and has not
reached the age of 30 (except for a beneficiary with
Specific Instructions
special needs).
File Form 5498-ESA, Coverdell ESA Contribution
Statements to participants. If you are required to file
Information, with the IRS for each person for whom you
Form 5498-ESA, you must furnish a statement to the
maintained any Coverdell education savings account
beneficiary (participant) by April 30, 2020.
(ESA) during 2019.
For more information about the requirement to furnish
statements to participants, see part M in the 2019 General
A Coverdell ESA is a trust or custodial account created
Instructions for Certain Information Returns.
or organized in the United States exclusively for the
purpose of paying the qualified education expenses of an
Truncating beneficiary’s TIN on payee statements.
individual who is the designated beneficiary of the trust or
Pursuant to Regulations section 301.6109-4, all filers of
custodial account. The account must be designated as a
this form may truncate a beneficiary’s TIN (social security
Coverdell ESA at the time it is created or organized in
number (SSN), individual taxpayer identification number
order to be treated as a Coverdell ESA for tax purposes.
(ITIN), adoption taxpayer identification number (ATIN), or
The governing instrument creating the trust must meet the
employer identification number (EIN)) on payee
requirements of section 530(b)(1).
Oct 09, 2018
Cat. No. 34006Q
statements. Truncation is not allowed on any documents
Do not include rollovers in box 1. Report rollovers in
the filer files with the IRS. A trustee’s or issuer's TIN may
box 2.
not be truncated on any form. See part J in the 2019
Box 2. Rollover Contributions
General Instructions for Certain Information Returns.
Enter any rollover contributions (including a military death
Account number. The account number is required if you
gratuity and trustee-to-trustee transfer) to this Coverdell
have multiple accounts for a recipient for whom you are
ESA received by you during 2019 (see
Rollovers and
filing more than one Form 5498-ESA. Additionally, the IRS
Transfers, earlier).
encourages you to designate an account number for all
Forms 5498-ESA that you file. See part L in the 2019
General Instructions for Certain Information Returns.
Box 1. Contributions (Other Than Amounts in
Box 2)
Enter contributions to a Coverdell ESA made from
January 1, 2019, through April 15, 2020, designated for
2019.
-2-
Instructions for Form 5498-ESA (2019)

Download Instructions for IRS Form 5498-esa - Coverdell Esa Contribution Information 2019

971 times
Rate
4.6(4.6 / 5) 58 votes
ADVERTISEMENT
Page of 2