Instructions for IRS Form 5498-ESA Coverdell Esa Contribution Information

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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.

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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;
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