Get the free Form 5498-ESA

Form 5498-ESA reports contributions and rollover contributions made to a Coverdell education savings account (ESA) for a designated beneficiary for the tax year.

How to fill out form 5498-esa

How to fill out Form 5498-ESA

1. Obtain Form 5498-ESA from the IRS or a trusted financial institution.
2. Provide the tax year for which you are filing the form.
3. Fill in your name, address, and taxpayer identification number (TIN) in Part I.
4. In Part II, enter the name and TIN of the designated beneficiary.
5. Report the total contributions made to the Coverdell Education Savings Account (ESA) during the year.
6. If applicable, indicate any rollover contributions.
7. Review any recharacterization amounts if you made any.
8. Ensure that you check the appropriate boxes for any special circumstances related to the account.
9. Sign and date the form before submission, if required.

Who needs Form 5498-ESA?

1. Form 5498-ESA is needed by individuals who have contributed to a Coverdell Education Savings Account (ESA) during the tax year.
2. It is also needed by custodians or trustees of the ESA to report contributions to the IRS.

People Also Ask about

Do I need to report form 5498 on my tax return?

You don't have to file this form with your tax return. The financial institution that issued it will share this information with the IRS. Form 5498 can help you keep track of contributions you've made to a traditional IRA, Roth IRA, SEP IRA, or SIMPLE IRA.

Do I need to report form 5498 on my taxes?

You aren't required to do anything with Form 5498 because it's for informational purposes only. Please be sure to keep this form for your records as you'll need this information to calculate your taxable income when you decide to take distributions from your IRA.

What is the difference between a 1099 and a 5498?

Form 1099 is used to report distributions and associated tax withholdings, while Form 5498 reports contributions, rollovers, FMVs, and RMDs. Both serve different purposes but are essential for accurate tax reporting. If you take a distribution and make contributions in the same year, you will likely receive both forms.

Do I have to report 5498 SA on my tax return?

The trustee of your HSA, Archer MSA, or MA MSA may provide other information about your account on this form. Note: Don't attach Form 5498-SA to your income tax return. Instead, keep it for your records.

Do you report ESA on taxes?

Unfortunately, ESAs are still considered pets for tax purposes. However, you may still be able to write your ESA into your taxes if you have a legitimate ESA letter from your mental health professional. Then, you can use medical expense deductions for ESAs.

What is a 5498-ESA form used for?

Form 5498-ESA is used to report contributions and rollovers made to a Coverdell Education Savings Account for a given tax year. Find more information about Coverdell Education Savings Accounts.

Why did I receive a form 5498?

If you contributed to an IRA during a particular tax year, you should receive Form 5498 from the financial institution that holds your plan. This form's job is to tell the IRS how much you contributed, an important detail if you're eligible for a deduction.

Do you have to report fair market value of IRA on tax return?

The information on Form 5498 is submitted to the Internal Revenue Service by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account.

For pdfFiller’s FAQs

What is Form 5498-ESA?

Form 5498-ESA is an IRS tax form used to report contributions to Coverdell Education Savings Accounts (ESAs).

Who is required to file Form 5498-ESA?

The financial institution that manages the Coverdell ESA is required to file Form 5498-ESA.

How to fill out Form 5498-ESA?

To fill out Form 5498-ESA, you need to provide information such as the account holder's name, address, Social Security number, the amount contributed, and the date of contributions for the tax year.

What is the purpose of Form 5498-ESA?

The purpose of Form 5498-ESA is to report contributions to Coverdell ESAs to the IRS and to the account holder, facilitating the tracking of contributions and ensuring compliance with tax regulations.

What information must be reported on Form 5498-ESA?

Form 5498-ESA must report the account holder's identifying information, total contributions made to the Coverdell ESA during the year, and the value of the account at year-end.