Get the free 5098 Coverdell ESA Custodial Application, Plan Agreement and Disclosure (5/2012)

COVERALL ESA Simplified COVERALL EDUCATION SAVINGS ACCOUNT APPLICATION PART 1. DESIGNATED BENEFICIARY The individual for whom this account is being established Name (First/MI/Last) Address Line 1

How to fill out 5098 coverdell esa custodial

Steps to fill out Form 5098 Coverdell ESA Custodial:

1. Gather all necessary information: Before starting the form, make sure you have all the required information at hand, including the child's personal details, custodian's information, and financial information related to the account.
2. Begin with the Child's Information: Start by providing the child's full name, address, and Social Security number. Ensure all the information is accurate and up-to-date.
3. Provide Custodial Information: In this section, enter your information as the custodian of the Coverdell Education Savings Account (ESA). Include your name, address, and Social Security number.
4. Indicate Financial Institution: Specify the name and address of the financial institution where the ESA is held. Include any account or identification numbers associated with the ESA.
5. Report Contributions: Enter the contributions made to the Coverdell ESA during the tax year. Indicate the total annual contribution amount and any rollover or transfer amounts made.
6. Verify Distributions: If any distributions were made from the account during the tax year, report them in this section. Include the amounts and indicate whether they were used for qualified education expenses.
7. Understand Additional Information: Familiarize yourself with the additional information provided in the form to clarify any specific requirements or rules associated with Coverdell ESA custodial accounts.

Who needs 5098 Coverdell ESA Custodial?

1. Individuals acting as custodians for Coverdell Education Savings Accounts (ESAs) need Form 5098. This form is used to report contributions and distributions made from the ESA during the tax year.
2. Parents and legal guardians who have set up a Coverdell ESA for a child can also be considered custodians and may need to file this form.
3. Financial institutions that hold and administer Coverdell ESAs may use Form 5098 to report necessary information to the IRS and account holders.
4. It is essential for anyone involved in the management or oversight of an ESA to be familiar with Form 5098 and its requirements to ensure accurate reporting and compliance with IRS regulations.

For pdfFiller’s FAQs

What is 5098 coverdell esa custodial?

5098 coverdell esa custodial is a form used to report contributions, rollovers, and transfers in a Coverdell Education Savings Account (ESA) that is held in a custodial account.

Who is required to file 5098 coverdell esa custodial?

The trustee or custodian of a Coverdell ESA account is required to file Form 5098 Coverdell ESA Custodial.

How to fill out 5098 coverdell esa custodial?

To fill out Form 5098 Coverdell ESA Custodial, the trustee or custodian must provide information about contributions, rollovers, and transfers made to the account during the tax year.

What is the purpose of 5098 coverdell esa custodial?

The purpose of Form 5098 Coverdell ESA Custodial is to report the transactions made within a Coverdell ESA account to the IRS.

What information must be reported on 5098 coverdell esa custodial?

Information such as contributions, rollovers, and transfers made to the Coverdell ESA account must be reported on Form 5098 Coverdell ESA Custodial.

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