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ESA EXCESS CONTRIBUTION WITHDRAWAL REQUEST United Methodist Financial Credit Union Name DESIGNATED BENEFICIARY INFORMATION Child s Name Street Address Social Security Number City Birth Date State

How to fill out esa excess contribution withdrawal

How to Fill out ESA Excess Contribution Withdrawal:

1. Obtain the necessary forms: Start by obtaining the specific form for ESA excess contribution withdrawal from your ESA provider. This form is typically available on their website or can be requested directly from their customer service.
2. Fill in personal information: Begin filling out the form by providing your personal information, including your full name, address, social security or tax ID number, and contact information. Make sure to accurately enter all the required details to avoid any delays or complications.
3. Indicate excess contribution amount: Next, indicate the exact amount of the excess contribution you wish to withdraw from your ESA. This amount should be the excess contribution over the annual limit for the year, as set by the IRS.
4. Specify withdrawal method: Choose the method by which you would like to receive the excess contribution withdrawal. Common options include a direct deposit into your bank account or a physical check sent to your address. Ensure that you provide the necessary bank account details or mailing address depending on your chosen withdrawal method.
5. Sign and date the form: Carefully review the completed form to ensure all information is accurate and complete. Once satisfied, sign and date the form in the designated areas. Failure to sign the form may result in it being rejected, so double-check this step.
6. Submit the form: Finally, submit the completed form as per your ESA provider's instructions. Some providers may allow you to submit the form electronically through their online portal, while others may require mailing it to a specific address. Follow the prescribed submission method to ensure your withdrawal request is processed promptly.

Who Needs ESA Excess Contribution Withdrawal:

1. Individuals who have contributed an amount exceeding the annual limit to their ESA account may need to consider an excess contribution withdrawal.
2. Parents or guardians who have made contributions on behalf of a beneficiary may need to address excess contributions if the total annual contributions to the ESA account exceed the set limit.
3. ESA account holders who have become aware of their excess contributions, either through personal calculations or notifications from their ESA provider, should consider taking the necessary steps to withdraw the excess amount.

Please note that consulting a tax advisor or accountant is recommended to ensure compliance with IRS regulations and to address any specific circumstances related to ESA excess contribution withdrawals.

For pdfFiller’s FAQs

What is esa excess contribution withdrawal?

Esa excess contribution withdrawal is the process of withdrawing excess contributions made to a Coverdell Education Savings Account (ESA) to avoid penalty taxes.

Who is required to file esa excess contribution withdrawal?

Any individual who has made excess contributions to their ESA is required to file an excess contribution withdrawal.

How to fill out esa excess contribution withdrawal?

To fill out an ESA excess contribution withdrawal, the individual must contact the financial institution holding the ESA and request a withdrawal of the excess contribution amount.

What is the purpose of esa excess contribution withdrawal?

The purpose of ESA excess contribution withdrawal is to remove any excess contributions from the ESA in order to avoid penalty taxes.

What information must be reported on esa excess contribution withdrawal?

The individual must report the amount of excess contributions being withdrawn and any earnings associated with those excess contributions.

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