Get the free .. .. .. .. * FORM 5498 - ESA COVERDELL ESA CONTRIBUTION ...

* TRUSTEE'S or ISSUER'S name, street address, city or town, province or state, country, ZIP or foreign postal code, and telephone no. SUFFIX 9 SUFFIX 9 SUFFIX 9 KANSAS CITY MO 02111-29000 1 (800)

How to fill out form 5498 - esa

How to fill out Form 5498 - ESA:

1. Gather necessary information: Before starting to fill out Form 5498 - ESA, you will need to gather the required information. This includes your personal information, such as your name, address, and social security number. Additionally, you will need the necessary details about the education savings account (ESA), such as the account number and the fair market value.
2. Complete the first section: The first section of Form 5498 - ESA requires you to provide your personal information, including your name, address, and social security number. Ensure that all the information you provide is accurate and up to date.
3. Provide ESA account details: In the next section, you will need to provide the relevant details about the education savings account. This includes the account number, the name of the financial organization managing the account, and the fair market value of the account as of the end of the tax year.
4. Report contributions: If you have made any contributions to the ESA during the tax year, you need to report them in this section. Enter the total amount of contributions made and the period covered by those contributions.
5. Indicate rollovers and transfers: If there have been any rollovers or transfers from another ESA or Coverdell education savings account, you need to provide the necessary details in this section. Include the amount of the rollover or transfer and the account number of the sending institution.
6. Complete the preparer information: If someone else is preparing the form on your behalf, make sure they provide their information in the designated section. This includes their name, address, and preparer's identification number (if applicable).
7. Sign and date the form: Finally, don't forget to sign and date the completed Form 5498 - ESA. Without your signature, the form may not be valid.

Who needs form 5498 - ESA:

1. Individuals with education savings accounts: Form 5498 - ESA is primarily required by individuals who own or contribute to an education savings account. This includes parents or guardians who have set up ESAs for their children's education expenses.
2. Account beneficiaries: Individuals who are beneficiaries of an ESA, such as students or beneficiaries of accounts set up by their parents or guardians, may also need to be aware of this form.
3. Financial institutions and tax professionals: Financial institutions that manage education savings accounts and tax professionals who provide tax-related services to individuals with ESAs may need to use Form 5498 - ESA to report account activity.

It's important to note that the specific requirements for Form 5498 - ESA may vary based on individual circumstances and any changes in tax laws or regulations. Therefore, it's always recommended to consult with a tax professional or refer to the official IRS guidelines when filling out this form.

For pdfFiller’s FAQs

What is form 5498 - esa?

Form 5498 - esa is used to report contributions to an Individual Retirement Account (IRA) and coverdell education savings account (ESA).

Who is required to file form 5498 - esa?

Financial institutions that maintain IRA or ESA accounts are required to file Form 5498 - esa.

How to fill out form 5498 - esa?

Form 5498 - esa can be filled out by the financial institution by reporting the required contribution information.

What is the purpose of form 5498 - esa?

The purpose of Form 5498 - esa is to report contributions made to IRAs and ESAs for tax reporting purposes.

What information must be reported on form 5498 - esa?

Form 5498 - esa must report the amount of contributions made to IRAs and ESAs, as well as other contribution details.

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