Get the free Form 5498-ESA

This form reports contributions and rollover contributions made to a Coverdell education savings account (ESA) for the beneficiary, to be furnished to the Internal Revenue Service and the beneficiary.

How to fill out form 5498-esa

How to fill out Form 5498-ESA

1. Obtain Form 5498-ESA from the IRS website or your financial institution.
2. Fill in your name and address in the designated fields.
3. Provide your Social Security number or taxpayer identification number.
4. Enter the name of the designated beneficiary (the student).
5. Complete the financial information section, including contributions made to the ESA during the tax year.
6. Ensure that you report the fair market value of the account as of December 31 of the tax year.
7. Submit the completed form to the IRS by the deadline, usually by May 31.

Who needs Form 5498-ESA?

1. Individuals or guardians who have established a Coverdell Education Savings Account (ESA) for a designated beneficiary.
2. Parents saving for their child's education expenses.
3. Individuals who have made contributions to a Coverdell ESA.

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 informational tax form used to report contributions and other information regarding Coverdell Education Savings Accounts (ESAs).

Who is required to file Form 5498-ESA?

Financial institutions that manage Coverdell ESAs are required to file Form 5498-ESA for each account to report contributions and other pertinent information.

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, taxpayer identification number, contributions made during the year, and the fair market value of the account as of December 31.

What is the purpose of Form 5498-ESA?

The purpose of Form 5498-ESA is to report contributions to Coverdell ESAs to the IRS, helping to ensure that account holders monitor their educational savings and comply with tax regulations.

What information must be reported on Form 5498-ESA?

The information that must be reported on Form 5498-ESA includes the account holder's name and TIN, the total contributions for the tax year, the fair market value of the account, and any rollovers or transfers into the ESA.