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Form 5498 esa contribution

Form 5498 esa contribution-2025

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The document is a Form 5498-ESA, which provides information regarding contributions and rollover contributions to Coverdell Education Savings Accounts (ESAs) for the year 2020. It includes details such as the trustee's or issuer's information, beneficiary's taxpayer identification number (TIN), and instructions for both beneficiaries and trustees on how to report these contributions to the IRS. The form must be furnished to beneficiaries by April 30, 2021, and filed with the IRS by June 1, 2021.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Trustee’s or Issuer’s name and address in the designated fields. This information is crucial for identifying who manages the Coverdell ESA.
In Box 1, input the total Coverdell ESA contributions made on your behalf during the tax year. Ensure this amount does not exceed $2,000 to avoid penalties.
Next, fill in Box 2 with any rollover contributions you made. This includes direct rollovers from one Coverdell ESA to another.
Provide the Beneficiary’s TIN and name in their respective fields. This identifies who benefits from the account.
Finally, review all entered information for accuracy before saving or exporting your completed form for submission.

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Versions	Form popularity	Fillable & printable
2023	4.7 Satisfied (37 Votes)
2022	4.5 Satisfied (28 Votes)
2021	4.8 Satisfied (218 Votes)
2020	4 Satisfied (31 Votes)
2019	4.4 Satisfied (240 Votes)
2018	4.4 Satisfied (208 Votes)
2017	4.3 Satisfied (92 Votes)
2016	4.4 Satisfied (189 Votes)
2013	4.4 Satisfied (136 Votes)
2012	4.3 Satisfied (213 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the difference between a 529 and an ESA?

Unlike the Coverdell ESA, 529 accounts can be used to invest for any future student, regardless of age. That means you can start one for your child, a grandchild, or even yourself. If you decide to change the beneficiary to another family member, you can do so at any time without a penalty.

Are ESA contributions tax deductible?

Contributions. You may be able to contribute to a Coverdell ESA to finance the beneficiarys qualified education expenses. Contributions must be made in cash, and theyre not deductible.

Do I need to report form 5498 on my tax return?

No. You arent required to do anything with Form 5498 because its for informational purposes only.

What is a 5498 ESA form used for?

Form 5498-ESA is used to report contributions and rollovers made to a Coverdell Education Savings Account for a given tax year.

Is ESA deductible?

If you want to know how to claim ESA expenses on taxes, you will first need to calculate your medical expenses. Remember that you can only deduct medical expenses, including your ESA costs, that exceed 7.5% of your adjusted gross income (AGI).

Where do I report Coverdell ESA contributions on my taxes?

You must report contributions, including rollover contributions, to any Coverdell ESA on Form 5498-ESA. See the instructions under Box 1 and Box 2, later. If no reportable contributions were made for 2025, no return is required.

Where do I report a 5498 ESA?

The 5498 ESA tax Form must be filed by the custodian or trustee of the account. This is the entity that issued the account and oversees the account over the years. This form has two copies, Copy A must be sent to the IRS and Copy B must be distributed to the beneficiary.

Can I write off my ESA on my taxes?

Emotional support animals (ESAs) who solely provide comfort or emotional support are generally considered pets and do not qualify as service animals, meaning you cannot claim an expense deduction for them.

Form 5498 esa contribution-2025

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