Get the free 5098 Coverdell ESA Custodial Application, Plan Agreement and Disclosure (10/2014)

Reset Form INVESTMENT ACCOUNT APPLICATION Account Number Open Date Account Registration Please select the type of account you would like to open (choose one): Individual Account Community Property

How to fill out 5098 coverdell esa custodial

How to fill out 5098 Coverdell ESA Custodial:

1. Obtain the 5098 form: You can obtain the 5098 Coverdell ESA Custodial form from the Internal Revenue Service (IRS) website or by requesting it from the IRS directly.
2. Provide your personal information: Fill in the required fields with your name, address, Social Security number, and other personal details as indicated on the form.
3. Enter the beneficiary information: Provide the name, Social Security number, and other relevant details for the person who will benefit from the Coverdell Education Savings Account (ESA).
4. Indicate the custodian information: Fill in the necessary information regarding the custodian of the Coverdell ESA, including their name, address, and Social Security number.
5. Specify the financial institution: Enter the name and address of the financial institution where the Coverdell ESA is being established or is currently held.
6. Declare the contribution amount: Indicate the total contribution amount made to the Coverdell ESA for the tax year being reported. Be sure to follow the IRS contribution limits and guidelines.
7. Include any rollover or transfer information: If there were any rollovers or transfers made from other accounts into the Coverdell ESA, provide the necessary details requested on the form.
8. Sign and date the form: Once you have completed all the required sections, sign and date the form to certify the accuracy of the information provided.

Who needs 5098 Coverdell ESA Custodial:

1. Parents or legal guardians: Individuals who are responsible for managing a Coverdell Education Savings Account on behalf of a designated beneficiary, typically their child or ward.
2. Financial institutions: Institutions that offer and oversee Coverdell ESAs, serving as the custodian for these accounts.
3. Beneficiaries: Individuals who will benefit from the funds accumulated in the Coverdell ESA for qualified education expenses, such as tuition, books, and supplies.

Note: It is essential to consult with a tax advisor or financial professional to ensure compliance with IRS regulations and fully understand the requirements associated with filling out the 5098 Coverdell ESA Custodial form.

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