Get the free 5314 Coverdell ESA Withdrawal Authorization(3/2019)

WITHDRAWAL AUTHORIZATION This form is to be completed by the Cover dell ESA responsible individual or death beneficiary. Refer to page 2 for reporting information. PART 1.DESIGNATED BENEFICIARYPART

How to fill out 5314 coverdell esa withdrawal

How to fill out 5314 coverdell esa withdrawal

1. To fill out the 5314 Coverdell ESA withdrawal form, follow the steps below:
2. Provide your personal information, such as your name, address, and Social Security number.
3. Indicate the account information related to your Coverdell ESA, such as the account number and the financial institution's details.
4. Specify the reason for your withdrawal from the account. This could be for educational expenses, rollover to another qualified account, or a non-qualified distribution.
5. If the withdrawal is for educational expenses, provide the details of the beneficiary and the educational institution.
6. Calculate the amount you want to withdraw and enter it in the appropriate field.
7. Sign and date the form.
8. Submit the completed form to your financial institution or follow their instructions for submission.

Who needs 5314 coverdell esa withdrawal?

1. Individuals who have a Coverdell ESA (Education Savings Account) may need to complete a 5314 Coverdell ESA withdrawal form.
2. This form is used to request a withdrawal from the Coverdell ESA account for various purposes, such as educational expenses or transferring the funds to another qualified account.
3. Parents, guardians, or individuals responsible for managing the Coverdell ESA on behalf of a beneficiary may need to fill out this form.

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What is 5314 coverdell esa withdrawal?

The 5314 Coverdell ESA withdrawal refers to a specific IRS form that is used to report distributions from a Coverdell Education Savings Account (ESA).

Who is required to file 5314 coverdell esa withdrawal?

Individuals who take a taxable distribution from their Coverdell ESA are required to file Form 5314.

How to fill out 5314 coverdell esa withdrawal?

To fill out Form 5314, you will need to provide your personal information, details about the Coverdell ESA, the amount withdrawn, and the purpose of the withdrawal. Follow the instructions provided with the form for specific guidelines.

What is the purpose of 5314 coverdell esa withdrawal?

The purpose of Form 5314 is to report and document distributions from a Coverdell ESA, which may be used for qualified educational expenses.

What information must be reported on 5314 coverdell esa withdrawal?

The form requires reporting the account holder's information, the amount of the withdrawal, the beneficiary's information, and whether the withdrawal was used for qualified educational expenses.