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Can you deduct Coverdell contributions?

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.

Where do I report Coverdell ESA contributions on my taxes?

How do we report ESA contributions and what is the reporting deadline? ESA contributions, including rollovers, are reported on Form 5498-ESA, Coverdell ESA Contribution Information. Enter regular contributions in Box 1, Coverdell ESA contributions, and rollover contributions in Box 2, Rollover contributions.

Do I need to report Coverdell distributions?

Form 1099-Q is filled out to determine if you owe any taxes on distributions from a Coverdell education savings account (ESA) or a 529 plan. If the form indicates that you do not owe any taxes, then you do not need to report this on your tax return.

What are the tax consequences of a Coverdell?

Your child can receive tax-free withdrawals from a Coverdell ESA in any year to the extent that he or she incurs qualified education expenses (QEE). If your child withdraws more than the amount of QEE, then the earnings portion of that excess is subject to income tax and an additional 10% penalty tax.

Do you report Coverdell contributions?

Tax Forms. ESA contributions are reported on IRS Form 5498-ESA (Coverdell ESA Contribution Information), which is mailed to you in April. Redemptions are reported on IRS Form 1099-Q (Payments from Qualified Education Programs), which is mailed to you in January.

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